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CLEVELAND, May 31, 2013 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a leading national metals service center, today announced Founder and Chairman Emeritus Sol Siegal passed away on May 23, 2013. He was 88.
Mr. Siegal inspired an entrepreneurial culture at Olympic Steel—that endures to this day—emphasizing the Core Values and the well-being of the Company's employees, customers and communities.
A photo accompanying this release is available at
The youngest of 10 children from an immigrant family, Mr. Siegal served in the United States Army during World War II and entered the steel business in 1946. In 1954, he and his oldest brother, Sam Sigel, founded Olympic Steel and began selling steel from a rented warehouse in Cleveland, Ohio. Thirty years after the formation of Olympic Steel, Michael D. Siegal, chairman and chief executive officer, purchased the privately owned family company and began to transform the enterprise into a publicly traded, leading North American steel service center with 36 locations. Today, with revenues of $1.3 billion and 1,900 employees, Olympic Steel is the 12
th largest service center in North America and continues to embrace the lessons and wisdom of its founder.
An active philanthropist, Mr. Siegal improved the lives of countless individuals through his generous support of humanitarian causes. A former Board member of the Jewish Federation of Cleveland, he was also active in the Jewish Federation of South Palm Beach, where he recently was honored for his consummate generosity. Mr. Siegal received the Tree of Life Award from the Jewish National Fund in 2010 and the Metal Service Center Institute's President Award for Lifetime Achievement in 2004. The Sol Siegal Scholarship Program has provided financial support to more than 80 Olympic Steel employees' family members since its inception in 2004.