Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 6, 2009, Olympic Steel, Inc. (the "Company") entered into the First Amendment to Second Amended and Restated Credit Agreement (the "Amendment") with its existing bank group. The Amendment, among other things, eliminates the Minimum Consolidated Debt Service Coverage Ratio through the month ending May 31, 2010, sets forth minimum allowable EBITDA thresholds through the period ending May 31, 2010, requires minimum availability of $15 million commencing with the month ending June 30, 2010, makes changes to the Company's borrowing base formula, and increases pricing related to the loans thereunder. The foregoing summary is qualified in its entirety by reference to the full and complete terms of the Amendment filed as Exhibit 4.19 hereto.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description of Exhibit 4.19 First Amendment to Second Amended and Restated Credit Agreement dated April 6, 2009 by and among the Registrant, the financial institutions from time to time party thereto, Comerica Bank, as administrative agent, and the other agents from time to time party thereto.

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