Olympic Steel, Inc. Announces 1st Quarter 2011 Webcast & Conference Call

BEDFORD HEIGHTS, Ohio, April 29, 2011 (GLOBE NEWSWIRE) -- Olympic Steel, Inc.
(Nasdaq:ZEUS) will host a webcast and conference to discuss the 1st Quarter 2011
results.

Date: May 6, 2011

Time: 10:00 AM ET

Listen via Internet: http://www.olysteel.com/investor_relations.phtml

Schedule this webcast into MS-Outlook calendar (click open when prompted):
http://apps.shareholder.com/PNWOutlook/t.aspx?m=47210&k=11F63E8A

The webcast replay will be available for approximately 2 weeks following the
live event.

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
and stainless flat-rolled sheet, coil and plate steel and aluminum 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=7383

It is the Company's policy not to endorse any analyst's sales or earnings
estimates. 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: general and global
business, economic and political conditions; competitive factors such as the
availability and pricing of steel, industry inventory levels, and rapid
fluctuations in customer demand and pricing; the cyclicality and volatility
within the steel industry; the ability of customers (especially those that may
be highly leveraged or in the automotive industry) to maintain their credit
availability; layoffs or work stoppages by the Company's, suppliers' or
customers' personnel; the availability and cost of transportation and logistical
services; equipment installation delays or malfunctions; the successes of the
Company's capital investments, efforts and initiatives to increase sales
volumes, maintain cash turnover, maintain or improve inventory turnover, reduce
costs, and improve customer service; the timing and outcome of efforts and
ability to liquidate OLP's remaining assets; the adequacy of our existing
information technology and business system software and the success of
implementing our new information system; customer, supplier, and competitor
consolidation or insolvency; and the Company's ability to pay regular quarterly
cash dividends. 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.
Jill A. Lettl (External Communication Specialist)
216-682-4036
jlettl@olysteel.com