OLYMPIC STEEL INC — Director's Dealing 2007

May 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OLYMPIC STEEL INC (ZEUS)
CIK: 0000917470
Period of Report: 2007-05-01

Reporting Person: ELRAD MARTIN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-01	Restricted Share Units	$	A	1800	Acquired		Common Stock (1800)	Direct

Footnotes

F1: Each restricted share unit represents a right to receive one share of Olympic Steel, Inc. common stock.

F2: The restricted share units are fully vested, but will not be delivered to the reporting person until the reporting person ceases to be a member of the Board of Directors.