OLYMPIC STEEL INC — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OLYMPIC STEEL INC (ZEUS)
CIK: 0000917470
Period of Report: 2004-04-29

Reporting Person: Della Ratta Ralph M Jr (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-29	Director Stock Options	$12.32	A	5000	Acquired	2014-04-29	Common Stock (5000)	Direct
2004-04-29	Director Stock Options	$12.32	A	10000	Acquired	2014-04-29	Common Stock (10000)	Direct

Footnotes

F1: The option becomes exercisable in 1/3 equal installments on each of June 1, 2004, September 1, 2004 and December 1, 2004.

F2: Vests in 20% annual increments commencing April 29, 2005.