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


                                    FORM 8-K


              CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported) - July 28, 2005


                         Commission File Number 0-23320


                               OLYMPIC STEEL, INC.
             (Exact name of registrant as specified in its charter)


            Ohio                                               34-1245650
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(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                           Identification Number)


5096 Richmond Road, Bedford Heights, Ohio                         44146     
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 (Address of principal executive offices)                      (Zip Code)


        Registrant's telephone number, including area code (216) 292-3800


Check the appropriate box if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under and of the following
provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the 
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4 under the Exchange 
     Act (17 CFR 240.13e-4(c))


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ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 28, 2005, Olympic Steel, Inc. reported its operating results for the
fiscal quarter ended June 30, 2005. The Press Release is attached hereto as
Exhibit 99.1.

The information, including EXHIBIT 99.1 is furnished pursuant to Item 2.02, is
not to be considered "filed" under the Securities Exchange Act of 1934, as
amended ("Exchange Act"), and shall not be incorporated by reference into any of
Olympic Steel, Inc.'s previous or future filings under the Securities Act of
1933, as amended, or the Exchange Act except as otherwise expressly stated in
such filing.


ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS


(c)      Exhibits.

         EXHIBIT NO.
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            99.1        Press release of the Company dated July 28, 2005.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                            OLYMPIC STEEL, INC.


Date: July 28, 2005                         By:  /s/ RICHARD T. MARABITO
                                                 ------------------------------
                                                 Richard T. Marabito
                                                 Chief Financial Officer
                                                 (Principal Accounting Officer)








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                                  EXHIBIT INDEX
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99.1     Press Release dated July 28, 2005.














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