EXHIBIT 5.1

                           (KAHN KLEINMAN LETTERHEAD)

                                 August 17, 2004

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

Ladies and Gentlemen:

         In connection with the filing by Olympic Steel, Inc. (the "Company"),
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933, as amended (the "Securities Act"), of a Registration
Statement on Form S-8 (the "Registration Statement") with respect to a maximum
of an additional 850,000 Common Shares, no par value (the "Shares") of the
Company to be issued under the Olympic Steel, Inc. Stock Option Plan, as amended
(the "Plan"), we have examined the following:

         1. The Amended and Restated Articles of Incorporation of the Company
and the Amended and Restated Code of Regulations of the Company, each as
currently in effect;

         2. The records relating to the organization of the Company and such
other records of corporate proceedings and such other documents as we deemed it
necessary to examine as a basis for the opinions hereinafter expressed;

         3. The Registration Statement on Form S-8 (including Exhibits thereto);
and

         4. 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, and the increase of authorized shares thereunder.

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

         A. The Company is a corporation duly organized and validly existing
under the laws of the State of Ohio.

         B. 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, a Legal Professional Association

                             KAHN KLEINMAN, a Legal Professional Association