June 6, 2006 — Olympic Steel, Inc. has completed its purchase of Tinsley Group - PS&W, Inc. pursuant to a purchase of all of its shares of outstanding capital stock.

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.

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, N.C.

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 12 facilities.