Form 4: SIEGAL MICHAEL D reports disposition transactions in ZEUS

Rhea-AI Filing Summary

SIEGAL MICHAEL D reported disposition transactions in a Form 4 filing for ZEUS. The filing lists transactions totaling 1,067,072 shares.

Insights

Equity transactions analyst

Form 4 shows Olympic Steel’s chair converting all holdings into Ryerson stock rights via merger.

The filing reports that Executive Chairman Michael D. Siegal disposed of 1,067,072 Olympic Steel common shares on February 13, 2026. The transaction is coded as a disposition to the issuer and leaves him with no directly held Olympic Steel shares.

A footnote explains the event stems from a completed merger among Olympic Steel, Ryerson Holding Corporation, and Crimson MS Corp. Each Olympic Steel share was converted into the right to receive Ryerson common stock, using a 1.7105 share-for-share multiplier, plus cash for any fractional shares.

This indicates the insider’s economic interest migrated from Olympic Steel into Ryerson equity under fixed terms in the merger agreement, rather than reflecting an open-market sale. Future company filings from Ryerson would typically provide more detail on the combined entity’s post-merger capitalization and ownership structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SIEGAL MICHAEL D

(Last) (First) (Middle)

C/O OLYMPIC STEEL, INC.

22901 MILL CREEK BLVD., SUITE 650

(Street)

HIGHLAND HILLS OH 44122

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
OLYMPIC STEEL INC [ ZEUS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman of Board

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/13/2026		D		1,067,072	D	(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of Olympic Steel, Inc. common stock, without par value ("Company common stock") disposed of pursuant to the Agreement and Plan of Merger ("Merger Agreement"), dated as of October 28, 2025, by and among Olympic Steel, Inc., Ryerson Holding Corporation ("Parent"), and Crimson MS Corp. At the effective time of the merger, each such share of Company common stock was converted into the right to receive a number of shares of common stock, $0.01 par value per share, of Parent, multiplied by 1.7105 (rounded down to the nearest whole share), plus a cash payment (rounded down to the nearest cent) in lieu of any fractional shares as determined pursuant to the Merger Agreement.

	/s/ Lisa K. Christen, as Attorney-In-Fact	02/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Olympic Steel (ZEUS) disclose in this Form 4?

The report shows Executive Chairman Michael D. Siegal disposed of 1,067,072 shares of Olympic Steel common stock on February 13, 2026. This left him with zero directly owned Olympic Steel shares after the transaction, as part of a merger-related conversion into Ryerson stock.

Why were Michael D. Siegal’s Olympic Steel (ZEUS) shares disposed of?

The shares were disposed of under a merger agreement among Olympic Steel, Ryerson Holding Corporation, and Crimson MS Corp. At the merger’s effective time, each Olympic Steel share converted into rights to receive Ryerson common stock under a fixed exchange ratio, plus cash for fractional shares.

How many Olympic Steel (ZEUS) shares did the Executive Chairman convert in the merger?

Michael D. Siegal converted 1,067,072 Olympic Steel common shares in the merger transaction. These shares were exchanged for the right to receive Ryerson Holding Corporation common stock, determined by a 1.7105 share multiplier, along with a cash payment for any resulting fractional shares.

What did Olympic Steel (ZEUS) shareholders receive for each share in the Ryerson merger?

Each share of Olympic Steel common stock was converted into the right to receive a number of Ryerson Holding Corporation common shares equal to 1.7105, rounded down to the nearest whole share. Holders also received a cash payment, rounded down to the nearest cent, for any fractional share amounts.

Did the Olympic Steel (ZEUS) insider sale involve a market price per share?

No market sale price is shown in the transaction, which is reported at a price of 0.0000 per share. The disposition occurred as part of a structured merger exchange, where shares converted into Ryerson stock and cash for fractional shares under the merger agreement terms.

What is Michael D. Siegal’s Olympic Steel (ZEUS) share balance after this transaction?

After the February 13, 2026 disposition, Michael D. Siegal’s directly owned Olympic Steel common stock balance is reported as zero shares. His economic interest shifted to rights to receive Ryerson Holding Corporation common stock and related cash for any resulting fractional share amounts.