June 13, 2006 — Olympic Steel, Inc. has entered into a definitive agreement with The Goss Group, Inc. whereby a subsidiary of Olympic Steel acquired the remaining joint venture interest in GSP, LLC.

The purchase price was $100,000, subject to potential future adjustments related to net asset valuation.

The GSP joint venture was organized in 2002 as a Michigan Minority Business Enterprise to support the flat-rolled steel requirements of the automotive industry. As a result of the acquisition, Olympic Steel is now the sole owner of the joint venture, and GSP no longer qualifies as a Michigan Minority Business Enterprise.

Olympic Steel says it intends to assess the operations of GSP in the near term.

Founded in 1954, Olympic Steel is a leading U.S. steel 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 products. Headquartered in Cleveland, Ohio, the company operates 16 facilities.