Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Greiff Andrew S
 2. Date of Event Requiring Statement (Month/Day/Year)
08/19/2016		 3. Issuer Name and Ticker or Trading Symbol
OLYMPIC STEEL INC [ZEUS]
(Last)
(First)
(Middle)
C/O OLYMPIC STEEL, INC., 22901 MILLCREEK BLVD., SUITE 650		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP and COO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HIGHLAND HILLS, OH 44122		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 5,521
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Share Units (1)   (2)   (2) Common Stock 2,158 $ 0 D  
Restricted Share Units (1)   (3)   (3) Common Stock 640 $ 0 D  
Restricted Share Units (1)   (4)   (4) Common Stock 17,318 $ 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Greiff Andrew S
C/O OLYMPIC STEEL, INC.
22901 MILLCREEK BLVD., SUITE 650
HIGHLAND HILLS, OH 44122		       EVP and COO  

Signatures

/s/ Gretchen A. Sterling, as Attorney-in-Fact 08/23/2016
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Each restricted share unit ("RSU") represents the contingent right to receive one share of Olympic Steel, Inc. common stock.
(2) The RSUs were acquired in connection with Olympic Steel, Inc.'s Senior Management Compensation Program, are fully vested for the Reporting Person and will be settled upon retirement, or earlier upon the executive's death or disability or upon a change in control of Olympic Steel, Inc., in each case in accordance with the applicable award agreement.
(3) These RSUs were acquired under Olympic Steel's Amended and Restated 2007 Omnibus Incentive Plan. These RSUs vest on July 1, 2021 if the Reporting Person continues to be an employee of Olympic Steel (or its subsidiaries or affiliates) in the same or a higher position on such date. Any vested RSUs will be settled within 30 days following the first to occur of the Reporting Person's death, disability or retirement after the Reporting Person has attained the age of 62. Vesting and settlement may also occur earlier in limited circumstances as specified in the award agreement.
(4) These RSUs were acquired in connection with Olympic Steel's Supplemental Executive Retirement Plan, are fully vested for the Reporting Person, and will be settled upon the earlier of age 62 or departure from the Issuer (or earlier in limited circumstances specified in the award agreement).
 
Remarks:
Exhibit 24-Power of Attorney

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