OLYMPIC STEEL INC — Director's Dealing 2012

Mar 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OLYMPIC STEEL INC (ZEUS)
CIK: 0000917470
Period of Report: 2012-03-02

Reporting Person: Potash Esther (Chief Information Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-02	Restricted Share Units	$	A	829	Acquired		Common Stock (829)	Direct

Footnotes

F1: Each restricted share unit ("RSU") represents the contingent right to receive one share of Olympic Steel, Inc. common stock.

F2: The RSUs were acquired in connection with Olympic Steel's Supplemental Executive Retirement Plan, will vest once the Reporting Person has participated in the Plan for five years, and will be settled upon the earlier of age 62 or departure from Issuer (or earlier in limited circumstances specified in the award agreement).