Olympic Steel Inc.

$ZEUS - Nasdaq - Metals & Mining
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Olympic Steel Announces Management Promotions to Support Strategic Initiatives in 2013

CLEVELAND, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a leading national metals service center, today announced several executive and operating management changes to support the Company's strategic growth initiatives in 2013 and beyond.

The following promotions reflect the realignment of various management responsibilities, effective Jan.1, 2013:

Richard A. Manson has been promoted to Vice President and Treasurer. In his 17-year tenure with the Company, Mr. Manson has served as the Director of Taxes and Risk Management, Treasurer and Corporate Controller and, most recently, Vice President of Human Resources and Administration. Mr. Manson is a Certified Public Accountant with a B.S.B.A. in Accounting from John Carroll University. He is a member of the Ohio Society of Public Accountants and the American Institute of Certified Public Accountants, as well as the Board of Directors for both the West Side Catholic Center and the Boys and Girls Club of Cleveland. He will report directly to, Richard T. Marabito, the Company's chief financial officer.

John Mooney has been promoted to the newly created position of Vice President and General Manager – Mid States, with responsibilities for Olympic Steel's Detroit, Cleveland and Dover, Ohio, facilities, as well as its Mount Sterling, KY, operation. Mr. Mooney began his employment with the Company in 1989 and has held a number of positions, including Regional Sales Manager and, most recently, General Manager for the Cleveland Division and its satellite facilities. He is a veteran of the U.S. Army and earned his B.S. in Business Administration and Marketing from Philadelphia University. Mr. Mooney is a past President and active member of the Northern Ohio Chapter of the Metals Service Center Institute (MSCI), a founding member of Rotary Club of Solon, Ohio, and a board member of the Signature of Solon Board of Advisory. He will continue to report directly to Ray Walker, Senior Vice President – Eastern Region.

Michelle Pearson-Casey has been promoted to Director of Human Resources, and will report directly to Mr. Manson. Ms. Pearson-Casey joined the Company in 1999, progressing through a variety of roles with increasing responsibilities, including Corporate Communications Manager and, most recently, Corporate Human Resources Manager. She is a member of the Northern Ohio Human Resources Planning Society (NOHRPS), the national and local Cleveland chapters of the Society for Human Resources Management (SHRM) and the Cuyahoga Valley Career Center Adult Education Advisory Board. Ms. Pearson-Casey received her B.A. from Wilson College in Chambersburg, PA.

Commenting on the announcements, Chairman and Chief Executive Officer Michael Siegal said, "Join me in congratulating Richard, Michelle and John for their hard work and dedication, which, combined with their 55 years of industry experience, have made them an integral part of Olympic Steel. Their continuous contributions will be invaluable to the Company's future success as we focus on driving increases in cash flow and earnings."

About Olympic Steel

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel currently operates from 33 facilities in North America.

For further information, visit the Company's website at http://www.olysteel.com or http://www.b2i.us/profiles/investor/ContactUs.asp?BzID=2195

The Olympic Steel, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3582

CONTACT: IR Contact:
         Matthew J. Dennis, CFA
         Olympic Steel Investor Relations
         (216) 672-0522

Source: Olympic Steel, Inc.
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