Olympic Steel Announces Share Repurchase Program
Cleveland, Ohio - (July 28, 2000) Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national steel service center, today announced plans for a one year program to purchase up to an additional 1,000,000 shares of common stock.
"We have completed the buyback of the 1,000,000 shares previously announced in April, 1999. We continue to believe that the current market price of the Company's common stock is attractive and that a stock repurchase is an excellent investment for our shareholders," said Michael D. Siegal, Chairman and Chief Executive Officer. Repurchased shares will be held in treasury and would be available for general corporate purposes.
Founded in 1954, Olympic Steel is a leading North American steel service center that has positioned itself for growth in a consolidating steel industry. It is experienced in the specialized processing and distribution of flat-rolled carbon and stainless steel products, as well as tubular steel products. Headquartered in Cleveland, Ohio, the Company has over 1,000 employees in 15 locations serving nine geographic markets. For further information on Olympic Steel, Inc., visit the Company's web site at http://www.olysteel.com.
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, general business and economic conditions; competitive factors such as the availability and pricing of steel and fluctuations in demand, specifically in the automotive market; work stoppage by automotive or steel manufacturers; potential equipment malfunction; and equipment installation and facility construction delays. Please refer to the Company's Securities and Exchange Commission filings for further information.
Contact: Cathy S. Kish
Director - Investor Relations
e-mail: ckish@olysteel.com
Telephone: (216) 292-3800
Fax: (216) 682-4065
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