Olympic Steel, Inc. Announces Acquisition Of Facility In Mount Sterling, Kentucky

CLEVELAND, Aug. 26, 2010 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a national metals service center, today announced that it has purchased a 100,000 square foot facility in Mount Sterling, Kentucky. The facility will perform plate burning, machining, forming, and shot blasting and is expected to be operational during the first quarter of 2011.

"We are pleased to announce the addition of a new facility in Mount Sterling, Kentucky," stated Michael D. Siegal, Chairman and Chief Executive Officer. "This additional facility will allow us to better serve the growing demand for our products and services from customers in the area and reinforces our strategy of being closer to where our customers assemble their products. We are extremely thankful to the Commonwealth of Kentucky for its efforts in supporting our investment and welcoming Olympic Steel to the state. We are also proud to bring manufacturing job growth into Kentucky," concluded Mr. Siegal.

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, aluminum and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 16 facilities. For further information, visit the Company's web site at http://www.olysteel.com .

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Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "should," "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," or "continue," as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements.