Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On July 24, 2009, Olympic Steel, Inc. (the "Company") entered into the Second Amendment to Second Amended and Restated Credit Agreement (the "Amendment") with its existing bank group. The Amendment, among other things, modifies the Company's EBITDA covenant to increase the exclusion for inventory lower of cost or market charges from $40 million to $100 million.
The foregoing summary is qualified in its entirety by reference to the full and complete terms of the Amendment filed as Exhibit 4.20 hereto.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits

Exhibit Number Description of Exhibit 4.20 Second Amendment to Second Amended and Restated Credit Agreement dated July 24, 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.