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                                                                       Exhibit A

                                 PROMISSORY NOTE

Original Principal Amount                                       Cleveland, Ohio
$675,000                                                      February 22, 2001

         FOR VALUE RECEIVED, DAVID A. WOLFORT ("Maker") promises to pay to the
order of OLYMPIC STEEL, INC. ("Holder") the principal amount of Six Hundred
Seventy Five Thousand Dollars ($675,000) together with interest thereon as
hereinafter provided.

         1. PRINCIPAL. The principal amount hereof shall be due and payable in
full on January 1, 2006, or, if earlier, (i) six (6) months after Wolfort's
termination of employment with Olympic Steel, Inc., for any reason other than
death or disability, or (ii) twelve (12) months after his termination of
employment due to death or disability (the "Maturity Date").

         2. INTEREST. The principal amount outstanding under this Promissory
Note from time to time shall bear interest from and including the date hereof at
the rate of five and 7/100ths percent (5.07%) per annum, compounded annually on
each anniversary of February 22, 2001, until paid in full. Interest on this
Promissory Note shall be computed on the basis of a 365 day year for the actual
number of days elapsed.

         3. PAYMENT IN FULL ON MATURITY DATE. Maker shall pay the full amount
then due under this Promissory Note, both principal and interest (including
compounded interest) in a single payment on the maturity Date. Payment of the
principal of and interest on this Promissory Note shall be made in lawful money
of the United States of America to Holder at 5096 Richmond Road, Bedford
Heights, Ohio 44146 or to such other payee or at such other address as may be
designated to Maker by Holder from time to time.

         4. MANDATORY PREPAYMENT ON SALE OF SHARES. Maker has used the proceeds
of the loan from Holder that is evidenced by this Promissory Note to fund the
purchase of 300,000 Olympic Steel, Inc. Common Shares (the "Shares"). Upon any
sale of any portion of the Shares, Maker shall promptly pay to Holder such
amount, if any, as is necessary so that, immediately after that payment, the
portion of the original principal on this Promissory Note that has been repaid,
and as to which all accrued interest has been paid, is at least directly
proportionate to the portion of the 300,000 Shares that have been sold by Maker
through the date of that payment. For example, if, on a particular date Maker,
having not previously sold any of the Shares and having not previously made any
payment on this Promissory Note, sells 75,000 Shares (1/4 of the original
number), Maker shall promptly pay to Holder at least $168,000 of principal (1/4
of the original principal), together with all accrued interest on that amount of
principal.

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         5. WAIVER OF DEMAND, ETC. Maker waives demand, presentment, notice of
dishonor, protest, notice of protest, and diligence in collection and bringing
suit and agrees that Holder may extend the time for payment, accept partial
payment, or take security therefor without discharging or releasing Maker.

         6. GOVERNING LAW. This Promissory Note has been executed in Bedford
Heights, Ohio. The construction, validity, and enforceability of this Promissory
Note shall be governed by the laws of the State of Ohio applicable to promissory
notes made and to be satisfied entirely within the State of Ohio.

         7. COSTS OF ENFORCEMENT. Maker agrees to pay all costs and expenses
(including reasonable attorneys' fees) incurred by Holder in the collection of
this Promissory Note and in the enforcement of the rights under this Promissory
Note.

         8. WAIVER. MAKER, TO THE EXTENT NOT PROHIBITED BY LAW, WAIVES ANY RIGHT
TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE, BETWEEN HOLDER AND MAKER ARISING OUT OF, IN
CONNECTION WITH THIS PROMISSORY NOTE OR THE RELATED PLEDGE AGREEMENT.

         9. PREPAYMENT. Maker may prepay all or any portion of the principal sum
hereof at any time without penalty. All such prepayments shall be applied to the
payment of the principal due hereon, and shall be accompanied by the payment of
accrued interest on the amount of the prepayment to the date thereof.

         10. OVERDUE PAYMENTS. Holder must receive any payment of principal and
interest under this Promissory Note by 5:00 p.m., E.S.T., on a business day in
order to be credited on such date. If Maker fails to make any payment of
principal, interest, or other amount becoming due pursuant to the provisions of
this Promissory Note within ten (10) business days of the date due and payable,
Maker also shall pay to Holder a late charge equal to five percent (5%) of the
amount of such payment. Such ten (10) day period shall not be construed in any
way to extend the due date of any such or subsequent payment.

         11. SECURITY. Security for repayment of this Note has been given in the
form of a pledge on the 300,000 Shares, pursuant to a Pledge Agreement of even
date herewith.

                                            /s/ David A. Wolfort
                                            ------------------------------
                                            David A. Wolfort



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