8-K

                                  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) - JANUARY 13, 2006


                         Commission File Number 0-23320

                               OLYMPIC STEEL, INC.
             (Exact name of registrant as specified in its charter)

            Ohio                                                34-1245650
            ----                                                ----------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

5096 Richmond Road, Bedford Heights, Ohio                          44146
- -----------------------------------------                         -------
(Address of principal executive offices)                         (Zip Code)

     Registrant's telephone number, including area code (216) 292-3800
                                                        --------------

Check the appropriate box if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under and of the following
provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a- 12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b)

[ ]  Pre-commencement communications pursuant to Rule 13e-4 under the Exchange
     Act (17 CFR 240.13e-4(c)

ITEM 8.01. OTHER EVENTS


On January 20, 2006, Olympic Steel, Inc. announced the closing of its Olympic
Laser Processing joint venture. The Press Release is attached hereto as Exhibit
99.1.

The information included in Exhibit 99.1 is furnished pursuant to Item 8.01, is
not to be considered "filed" under the Securities Exchange Act of 1934, as
amended ("Exchange Act"), and shall not be incorporated by reference into any of
Olympic Steel, Inc.'s previous or future filings under the Securities Act of
1933, as amended, or the Exchange Act, except as otherwise expressly stated in
such filing.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a)  FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED
     Not applicable.

(b)  PRO FORMA FINANCIAL INFORMATION
     Not applicable.

(c)  EXHIBITS

     EXHIBIT
     NUMBER     DESCRIPTION OF EXHIBIT

     99.1       Press Release of the Company dated January 20, 2006

                                   SIGNATURES

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:  January 20, 2006                            By:  /s/ Richard T. Marabito
                                                        -----------------------
                                                        Richard T. Marabito
                                                        Chief Financial Officer


                                       2



                                  EXHIBIT INDEX

EXHIBIT
NUMBER          DESCRIPTION OF EXHIBIT

99.1            Press Release of the Company dated January 20, 2006


                                       3

EX-99.1

                                                                    EXHIBIT 99.1

                                                    CONTACT: RICHARD T. MARABITO
[NEWS RELEASE LETTERHEAD]                                CHIEF FINANCIAL OFFICER
                                                       TELEPHONE: (216) 292-3800
                                                             FAX: (216) 292-3974

           OLYMPIC STEEL TO CLOSE ITS OLP LASER WELDING JOINT VENTURE


     Cleveland, Ohio -- (January 20, 2006) Olympic Steel, Inc., (Nasdaq: ZEUS),
a national steel service center, and United States Steel Corporation, today,
jointly announced plans to close their Olympic Laser Processing (OLP) joint
venture facility in Detroit, Michigan. OLP is a processor of laser welded steel
blanks for the automotive industry. The OLP joint venture is fifty percent owned
by Olympic Steel and fifty percent by United States Steel Corporation. OLP is
expected to cease operations by the end of the first quarter of 2006.

     "Today's automotive business environment is challenging. The decision to
close OLP was based upon the failure of the laser welded blank marketplace to
develop as originally believed by the domestic auto industry," stated Michael D.
Siegal, Chairman and Chief Executive Officer of Olympic Steel, Inc.

     Olympic Steel's fifty-percent interest in OLP is accounted for under the
equity method. Closing the facility and liquidating its assets will result in
Olympic Steel incurring a charge in its fourth quarter earnings results, which
are expected to be released on or about February 15, 2006. Olympic Steel
estimates the charge to be approximately $3.5 million before taxes, or
approximately $.21 per fully-diluted share after taxes, which includes writing
off its $1.3 million equity investment in OLP and covering an estimated $2.2
million of obligations as a several guarantor of fifty percent of OLP's senior
secured debt. Despite the impact of the charge related to OLP, Olympic Steel
currently expects its fourth quarter 2005 earnings to be approximately $.60 to
$.70 per fully-diluted share, subject to completion of the year end audit.

     Founded in 1954, Olympic Steel is a leading U.S. steel service center
focused on the direct sale and distribution of large volumes of processed
carbon, coated and stainless flat-rolled sheet, coil and plate steel products.
Headquartered in Cleveland, Ohio, the Company operates 12 facilities. For
further information, visit the Company's web site at http://www.olysteel.com.

     It is the Company's policy not to endorse any analyst's sales or earnings
estimates. Forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected.
Readers are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof. Such risks and uncertainties
include, but are not limited to: the timing and outcome of OLP's efforts and
ability to liquidate its assets; the impact of customer, supplier, and
competitive factors on OLP's liquidation plans; general and global business,
economic and political conditions; and the cyclicality and volatility within the
steel and automotive industries. Please refer to the Olympic Steel's Securities
and Exchange Commission filings for further information.