EXHIBIT 24.1

                                POWER OF ATTORNEY
                               OLYMPIC STEEL, INC.

         KNOW ALL MEN BY THESE PRESENTS, that OLYMPIC STEEL, INC., an Ohio
corporation, and each person whose name is signed below hereby constitutes and
appoints Michael D. Siegal, Richard T. Marabito, Marc H. Morgenstern, Michael A.
Ellis and Deborah A. Weisman and each of them, their attorneys-in-fact and
agents, with full power of substitution and resubstitution, for and on behalf of
Olympic Steel, Inc, and the undersigned directors and/or officers of Olympic
Steel, Inc. and each of such directors and/or officers, to execute the Olympic
Steel, Inc. Registration Statement on Form S-8 relating to the Common Shares to
be issued under the Olympic Steel, Inc. Employee Stock Purchase Plan and any or
all documents or post-effective amendments thereto, and to file the same, with
Exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting such attorneys-in-fact and agents
full power and authority to so and perform each and every act and thing
requisite and necessary in connection with such matters and hereby ratifying and
confirming all that such attorney-in-fact and agents or their substitutes may do
or cause to be done by virtue hereof.

         This Power of Attorney of Olympic Steel, Inc. and the directors and/or
officers of Olympic Steel, Inc. may be executed in multiple counterparts, each
of which shall be deemed an original with respect to the person executing it.

         IN WITNESS WHEREOF, this Power of Attorney has been signed in
Cleveland, Ohio this twenty-fourth day of July, 2002.

                                      OLYMPIC STEEL, INC.

                                      By:  /s/ Richard T. Marabito
                                          --------------------------------------
                                           Richard T. Marabito,
                                           Chief Financial Officer and Treasurer
DIRECTORS AND OFFICERS:

     /s/ Martin H. Elrad                   /s/ Richard T. Marabito
---------------------------           ------------------------------------------
Martin H. Elrad, Director             Richard T. Marabito,
                                      Chief Financial Officer and Treasurer

     /s/ Thomas M. Forman                  /s/ Michael D. Siegal
---------------------------           ------------------------------------------
Thomas M. Forman, Director            Michael D. Siegal,
                                      Chief Executive Officer and Chairman of
                                      the Board

     /s/ James B. Meathe                   /s/ David A. Wolfort
---------------------------           ------------------------------------------
James B. Meathe, Director             David A. Wolfort,
                                      President, Chief Operating Officer and
                                      Director
     /s/ Suren A. Hovsepian
---------------------------
Suren A. Hovsepian, Director