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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 31, 2003
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                         Commission File Number 0-23320
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                               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
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ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)      Exhibits.

         EXHIBIT NO.
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         99.1              Press release dated July 31, 2003


ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

A copy of the press release issued by Olympic Steel, Inc. on Thursday, July 31,
2003, describing its results of operations for the quarter ended June 30, 2003,
is attached hereto as Exhibit 99.1.

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 31, 2003              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 31, 2003.



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