EXHIBIT 5.1
                           [KAHN, KLEINMAN LETTERHEAD]

                                  July 25, 2002

Olympic Steel, Inc.
5096 Richmond Road
Bedford Heights, Ohio 44146

Gentlemen:

         In connection with the filing by Olympic Steel, Inc., an Ohio
corporation (the "Company"), with the Securities and Exchange Commission under
the provisions of the Securities Act of 1933, as amended, of a Registration
Statement on Form S-8 (the "Registration Statement"), with respect to a maximum
of 1,000,000 shares of Common Stock, without par value (the "Shares") to be
issued under the Olympic Steel, Inc. Employee Stock Purchase Plan (the "Plan"),
we have examined the following: (i) the Amended and Restated Articles of
Incorporation of the Company, as currently in effect, (ii) the Amended and
Restated Code of Regulations of the Company, as currently in effect, (iii) the
Registration Statement on Form S-8 (including Exhibits thereto), (iv) the
records relating to the organization of the Company and such other documents as
we deemed it necessary to examine as a basis for the opinions hereinafter
expressed; and (v) copies of the Plan, and the records of the proceedings of the
Board of Directors and shareholders of the Company relating to the adoption and
approval thereof.

         Based upon that examination, we are of the opinion that:

         (i)      The Company is duly organized and validly existing under the
                  laws of the State of Ohio.

         (ii)     The Shares have been duly authorized and, when issued and
                  delivered pursuant to the Plan and in the manner contemplated
                  by the Registration Statement, will be validly issued, fully
                  paid, and non-assessable.

         We hereby consent to the filing of this Opinion as Exhibit 5.1 to the
Registration Statement and to the use of our name therein.

                             Very truly yours,

                             /s/ Kahn, Kleinman, Yanowitz & Arnson, Co., L.P.A.
                             --------------------------------------------------
                             Kahn, Kleinman, Yanowitz & Arnson, Co., L.P.A.