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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (Amendment No.    )*
                                            ----

                                 Olympic Steel
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   68162K106
--------------------------------------------------------------------------------
                                 (Cusip Number)

                               December 31, 2004
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

    [X] Rule 13d-1 (b)
    [ ] Rule 13d-1 (c)
    [ ] Rule 13d-1 (d)


* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the notes).


                               Page 1 of 7 pages

                                      13G


CUSIP No. 68162K106
Schedule 13G
Page 2 of 7 Pages


1.    Name of Reporting Person:  FIFTH THIRD BANCORP               
      I.R.S. Identification Nos. of above persons (entities only): 
      31-0854434     
      --------------------------------------------------------------------------
2.    Check the Appropriate Box if a Member of a Group: 
      (a)  [  ]
      (b)  [  ]

      --------------------------------------------------------------------------
3.    SEC Use Only: 

      --------------------------------------------------------------------------
4.    Citizenship or Place of Organization: 
      OHIO

This report relates to beneficial holdings by Fifth Third Bancorp, through 
several of its subsidiaries, of outstanding shares of the Common Stock of the 
Issuer. The following tabulations set forth the shares with respect of which 
voting rights are held or shared and those shares to which there is dispositive 
power. The following are held in fiduciary accounts in Fifth Third Bancorp's 
subsidiaries and are deemed beneficially owned:
      --------------------------------------------------------------------------

                                5.    Sole Voting Power:
     NUMBER OF                          185,256 shares
       SHARES                   ------------------------------------------------
    BENEFICIALLY                6.    Shared Voting Power: 
      OWNED BY                          0 shares
        EACH                    ------------------------------------------------
     REPORTING                  7.    Sole Dispositive Power:
    PERSON WITH                         185,256 shares
                                ------------------------------------------------
                                8.    Shared Dispositive Power: 
                                        0 shares
                                ------------------------------------------------

9.    Aggregate Amount Beneficially Owned by Each Reporting Person: 
                              185,256
      --------------------------------------------------------------------------
10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares: 
                                                                            [  ]
Fifth Third Bancorp, through fiduciary accounts held in its subsidiaries, has 
neither voting power nor dispositive power with respect to an additional 0 
shares which are not deemed to be beneficially owned.
      --------------------------------------------------------------------------
11.   Percent of Class Represented by Amount in Row (9): % 
                    1.86%
      --------------------------------------------------------------------------
12.   Type of Reporting Person:
          HC
      --------------------------------------------------------------------------


                                       2


Securities and Exchange Commission
Schedule 13G
Page 3 of 7 pages


ITEM 1(A).      NAME OF ISSUER:

                Olympic Steel

ITEM 1(B).      ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                5096 Richmond Road
                Bedford Heights, Ohio 44146


ITEM 2(A).      NAME OF PERSON FILING:

                Fifth Third Bancorp

ITEM 2(B).      ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

                Fifth Third Center, Cincinnati, Ohio 45263

ITEM 2(C).      CITIZENSHIP:

                Ohio

ITEM 2(D).      TITLE OF CLASS OF SECURITIES:

                Common Stock

ITEM 2(E).      CUSIP NUMBER:

                68162K106



Securities and Exchange Commission
Schedule 13G
Page 4 of 7 pages


ITEM 3.         IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR
                13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:

                  (a) [ ]  Broker or dealer registered under Section 15 of
                           the Act;

                  (b) [ ]  Bank as defined in Section 3(a)(6) of the Act;

                  (c) [ ]  Insurance company as defined in Section 3(a)(19) of
                           the Act;

                  (d) [ ]  Investment company registered under Section 8 of the
                           Investment Company Act;

                  (e) [ ]  Investment adviser in accordance with Rule
                           13d-1(b)(1)(ii)(E);

                  (f) [ ]  Employee benefit plan or endowment fund in accordance
                           with Rule 13d-1(b)(1)(ii)(F);

                  (g) [x]  Parent holding company or control person in
                           accordance with Rule 13d-1(b)(1)(ii)(G);

                  (h) [ ]  Savings association as defined in Section 3(b) of the
                           Federal Deposit Insurance Act;

                  (i) [ ]  Church plan that is excluded from the definition of
                           an investment company under Section 3(c)(14) of the
                           Investment Company Act;

                  (j) [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).



Securities and Exchange Commission
Schedule 13G
Page 5 of 7 pages


ITEM 4.           OWNERSHIP

                  This report relates to beneficial holdings by Fifth Third
                  Bancorp, through several of its subsidiaries, of outstanding
                  shares of the Common Stock of the Issuer. The following
                  tabulations set forth the shares with respect of which voting
                  rights are held or shared and those shares to which there is
                  dispositive power. The following are held in fiduciary
                  accounts in Fifth Third Bancorp's subsidiaries and are deemed
                  beneficially owned:

                  (a) Amount Beneficially Owned:                185,256 shares

                  (b) Percent of Class:                                  1.86%

                  (c) Number of shares as to which such person has:

                           (i) Sole power to vote or to direct the vote
                                                                185,256 shares

                           (ii) Shared power to vote or to direct the vote
                                                                      0 shares

                           (iii) Sole power to dispose or to direct the
                           disposition of
                                                                185,256 shares

                           (iv) Shared power to dispose or to direct the
                           disposition of
                                                                      0 shares

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

         If this statement is being filed to report the fact that as of the date
         hereof the reporting person has ceased to be the beneficial owner of
         more than five percent of the class of securities, check the following
        [X].

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

        n/a



Securities and Exchange Commission
Schedule 13G
Sage 6 of 7 pages

ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

         Fifth Third Bancorp, as parent holding company of the subsidiaries
         listed below, has filed this schedule. The subsidiaries are filing in
         accordance with Rule 13d-1(b)(1)(ii)(G).

         Subsidiary                                     Item 3 Classification
         --------------                                 ---------------------

          Fifth Third Bank                                    Bank
          Fifth Third Bank (Tennessee)                        Bank
          Fifth Third Bank (Michigan)                         Bank
          Fifth Third Asset Management, Inc.                  Investment Adviser

ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

          Not Applicable

ITEM 9.  NOTICE OF DISSOLUTION OF GROUP

          Not Applicable



Securities and Exchange Commission
Schedule 13G
Page 7 of 7 pages


ITEM 10.          CERTIFICATIONS

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired and
                  are held in the ordinary course of business and were not
                  acquired and are not held for the purpose of or with the
                  effect of changing or influencing the control of the issuer of
                  the securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.

                                       SIGNATURE

                  After reasonable inquiry and to the best of my knowledge and
                  belief, I certify that the information set forth in this
                  statement is true, complete and correct


                   Fifth Third Bancorp

                   /s/ Neal E. Arnold                 February 14, 2005
                   ------------------------------------------------------------
                   Executive Vice President, CFO      Today's Date
                   Fifth Third Bancorp