Olympic Steel Announces Resignation of Chief Financial Officer
CLEVELAND, Ohio - (March 16, 2000) Olympic Steel, Inc. (Nasdaq: ZEUS), announced today the resignation of R. Louis Schneeberger, Chief Financial Officer, effective March 31, 2000. He also resigned his position as an Officer and Director of the Company. Mr. Schneeberger is leaving the company to pursue other interests outside of the steel industry.
Olympic has promoted Richard T. Marabito to the position of Chief Financial Officer. Mr. Marabito has been with Olympic Steel for five years as Corporate Controller. Prior to his years at Olympic, he was Corporate Controller for Waxman Industries for four years and worked for Arthur Andersen for five years.
"We have benefited greatly from Lou's many contributions over the years. We wish Lou tremendous success in his future endeavors," said Michael D. Siegal, Chief Executive Officer. "We are also very pleased that Rick has accepted these new responsibilities."
Mr. Schneeberger joined Olympic Steel as a partner in 1987 from Arthur Andersen LLP. He was responsible for the financial and administrative areas of the company. Schneeberger was also instrumental in Olympic's IPO in 1994 and secondary offering in 1996.
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.
Contact: Michael D. Siegal
Chief Executive Officer
Telephone: (216) 292-3800
Fax: (216) 682-4065
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