CLEVELAND, May 14, 2012 (GLOBE NEWSWIRE) -- Olympic Steel, Inc., (Nasdaq:ZEUS) (the Company), a national metals service center, today announced that Michael D. Siegal, the Company's Chairman and Chief Executive Officer, has been nominated as the incoming Chair of the Board of Trustees of The Jewish Federations of North America (JFNA), one of the largest charitable organizations in the world. With 157 Jewish Federations and 300 Independent Network communities across North America, Jewish Federations are improving the quality of life for people in the local communities, in Israel and in over 70 countries every day. JFNA's Board of Trustees will vote on the new slate of officers at the General Assembly in Baltimore in November. Mr. Siegal stated, "This is a great honor and I am especially humbled by my nomination."

Mr. Siegal will continue to lead Olympic Steel once elected to this new role with the JFNA. Mr. Siegal, Chief Executive Officer of Olympic Steel since 1984, elected to the role of Chairman of the Board in 1994, continues to be a significant shareholder of the Company.

Founded in 1954, Olympic Steel is a leading U.S. metals 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 and aluminum products. The Company's Chicago Tube and Iron subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel currently operates from 29 facilities in North America. For further information, visit the Company's web site at http://www.olysteel.com.

The Olympic Steel, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3582

CONTACT: Michelle Pearson-Casey
         Corporate Communications Manager
         Telephone: (216) 292-3800
         Fax: (216) 292-3974
         mpearsoncasey@olysteel.com