Olympic Steel completes Tinsley Group – PS&W acquisition

June 5, 2006

Olympic Steel, Inc., a national steel service center, reported today that on June 2, 2006, it completed the purchase of Tinsley Group - PS&W, Inc., an indirect subsidiary of Eliza Tinsley Group PLC, an English company, pursuant to a purchase of all of its shares of outstanding capital stock.

PS&W is a full service fabricating company that utilizes burning, forming, machining, and painting equipment to produce a wide variety of fabrications for large original equipment manufacturers of heavy construction equipment. PS&W was founded in 1990, and currently operates two facilities located in Siler City and Seagrove, North Carolina.

The purchase price for the acquisition of the stock of PS&W was $10,080,000 in cash, subject to a post-closing net working capital adjustment.