OLYMPIC STEEL INC — Director's Dealing 2012

Jan 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OLYMPIC STEEL INC (ZEUS)
CIK: 0000917470
Period of Report: 2011-12-30

Reporting Person: MARABITO RICHARD T (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-30	Restricted Share Units	$	A	19296	Acquired		Common Stock (19296)	Direct

Footnotes

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

F2: These RSUs were acquired under Olympic Steel's 2007 Omnibus Incentive Plan, as amended. These RSUs vest on January 1, 2017 if the Reporting Person continues to be an employee of Olympic Steel (or its subsidiaries or affiliates) in the same or a higher position on such date. These RSUs will be settled upon attainment of age 62, no earlier than six months following retirement, termination of employment or separation from service, as described in the award agreement. Vesting and settlement may also occur earlier in limited circumstances as specified in the award agreement.

F3: This total number of RSUs includes previously-granted RSUs with different vesting and payment terms.