8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 2, 2010

OLYMPIC STEEL, INC.

(Exact Name of Registrant as Specified in Charter)

Ohio	0-23320	34-1245650
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5096 Richmond Road
Bedford Heights, Ohio	44146
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (216) 292-3800

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On August 2, 2010, the Board of Directors (the “Board”) of Olympic Steel, Inc. (the “Company”) elected the honorable Mr. Dirk A. Kempthorne, as a Director, effective immediately. Governor Kempthorne will also serve on the Nominating Committee of the Board.

     As a non-employee Director, Governor Kempthorne will receive compensation in the same manner as the Company’s other non-employee Directors, which compensation the Company previously disclosed in its Proxy Statement for the Company’s 2010 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 1, 2010, except that for 2010, all non-employee Directors will receive an annual retainer of $45,000, in cash.

     The Company’s press release dated August 4, 2010 announcing the election is attached to this Report as Exhibit 99.1 and is incorporated herein by reference.

Item 8.01. Other Events.

     In addition, on August 2, 2010, the Board appointed Mr. Arthur F. Anton as a member of the Audit and Compliance Committee of the Board.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits.

Number		Exhibit
	99.1	Press Release dated August 4, 2010.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OLYMPIC STEEL, INC.
By:	/s/ Richard T. Marabito
	Name:	Richard T. Marabito
	Title:	Chief Financial Officer, Treasurer and Assistant Secretary

Date: August 4, 2010

EXHIBIT INDEX

Number		Exhibit
	99.1	Press Release dated August 4, 2010.

EX-99.1

Exhibit 99.1

News Release

Contact: Richard T. Marabito
Chief Financial Officer
Telephone: (216) 292-3800
Fax: (216) 292-3974

Dirk A. Kempthorne Joins Olympic Steel Board of Directors

     Cleveland, Ohio -— (August 4, 2010) Olympic Steel, Inc. (Nasdaq: ZEUS) today announced that on August 2, 2010, its Board of Directors elected the Honorable Dirk A. Kempthorne, as a Director, effective immediately. Governor Kempthorne will also serve on the Nominating Committee of the Board.

     Governor Kempthorne, has served as the Mayor of Boise, Idaho (1985-1992), and a United States Senator from Idaho (1993-1999). He was also a two-term Governor of Idaho (1999-2006), and most recently served as the 49^th Secretary of the U.S. Department of the Interior from 2006 to January 2009.

     “We are extremely pleased that Dirk has joined our Board of Directors. His commitment to public service and recognized national leadership will allow Dirk to provide unique contributions to Olympic Steel, as we execute on our strategic growth initiatives. We look forward to Dirk’s guidance, insights and wisdom as an advisor and Director for Olympic Steel,” stated Michael Siegal, Chairman and CEO of Olympic Steel.

     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.