THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Olympic Steel, Inc. (ZEUS)

3/23/2006 Proxy Information

Since 1978, a corporation owned by family members of Mr. Siegal handled a portion of the freight activity for the Company’s Cleveland operation. Payments to this entity approximated $567,000 for the year ended December 31, 2005. The entity ceased operation in June 2005. Since 1956, a partnership partially owned by family members of Mr. Siegal has owned one of the Cleveland warehouses and currently leases it to the Company at an annual rental of $195,300. The lease expires in 2010.

The Company purchased several business insurance contracts through an insurance broker that formerly employed Mr. Meathe. Commissions and fees paid by the Company to the insurance broker were approximately $99,000 during 2005.

Mr. Forman serves on the Board of Advisors for a firm that provides psychological testing profiles for new hires of the Company. Fees paid to the firm by the Company were approximately $13,000 during 2005.

Mr. Siegal and Mr. Wolfort were minority investors in a company that provided online services to Olympic’s employees with respect to their retirement plan accounts. Mr. Siegal also served as an advisor for that company. Since December 2004, this company no longer provided services to Olympic’s employees.