Olympic Steel, Inc. Announces Acquisition of Facility in Mount Sterling, Kentucky

CLEVELAND, Aug. 26, 2010 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS),
a national metals service center, today announced that it has purchased a
100,000 square foot facility in Mount Sterling, Kentucky. The facility will
perform plate burning, machining, forming, and shot blasting and is expected to
be operational during the first quarter of 2011.

"We are pleased to announce the addition of a new facility in Mount Sterling,
Kentucky," stated Michael D. Siegal, Chairman and Chief Executive Officer. "This
additional facility will allow us to better serve the growing demand for our
products and services from customers in the area and reinforces our strategy of
being closer to where our customers assemble their products. We are extremely
thankful to the Commonwealth of Kentucky for its efforts in supporting our
investment and welcoming Olympic Steel to the state. We are also proud to bring
manufacturing job growth into Kentucky," concluded Mr. Siegal.

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused
on the direct sale and distribution of large volumes of processed carbon,
coated, aluminum and stainless flat-rolled sheet, coil and plate steel products.
Headquartered in Cleveland, Ohio, the Company operates 16 facilities. For
further information, visit the Company's web site at http://www.olysteel.com.

The Olympic Steel, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3582

Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or phrases such as
"may," "will," "should," "expect," "anticipate," "intend," "plan," "believe,"
"estimate," "potential," or "continue," as well as the negative of these terms
or other similar expressions. Such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. Readers are cautioned not to place undue
reliance on these forward-looking statements.

Such risks and uncertainties include, but are not limited to: the timely and
successful installation of processing equipment and start-up of the Mount
Sterling facility, and the adequacy of customer demand to support the new
processing facility. Further information on these and other risks and
uncertainties is provided under Item 1A "Risk Factors" of the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is
incorporated herein by reference, and elsewhere in reports that the Company
files or furnishes with the SEC. This release speaks only as of its date and the
Company undertakes no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise, except to
the extent required by law. You are advised, however, to consult any further
disclosures the Company makes on related subjects in its reports filed with or
furnished to the SEC.

CONTACT: Olympic Steel, Inc.
Richard T. Marabito, Chief Financial Officer
(216) 292-3800
Fax: (216) 292-3974