[SCHEDULE 13G/A] OLYMPIC STEEL INC SEC Filing

Rhea-AI Filing Summary

BlackRock, Inc. filed an amended Schedule 13G/A reporting beneficial ownership of 1,208,488 shares of Olympic Steel Inc common stock, representing 10.8% of the class as of 09/30/2025. The filing states 1,188,615 shares are subject to BlackRock's sole voting power and 1,208,488 shares to its sole dispositive power. BlackRock says the shares were acquired and are held in the ordinary course of business and not for the purpose of changing control.

Positive

• 1,208,488 shares (10.8%) disclosed, providing clear transparency on a material institutional stake
• Sole voting power on 1,188,615 shares indicates centralized voting authority within the disclosed stake
• Filing explicitly states holdings are held in the ordinary course of business, not to change control

Negative

• None.

Insights

Institutional Ownership Analyst

BlackRock holds a material disclosed stake of 10.8% in Olympic Steel.

The filing shows a substantial passive ownership position: 1,208,488 shares and sole dispositive authority, which is large enough to be material for investors and regulators.

Because the statement is filed on a Schedule 13G/A and includes the certification that holdings are "in the ordinary course of business," the filer characterizes the position as non‑control; this classification matters for disclosure obligations and market perception.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 20)

OLYMPIC STEEL INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

68162K106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 68162K106

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,188,615.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,208,488.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,208,488.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.8 %

12

Type of Reporting Person (See Instructions)

HC, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OLYMPIC STEEL INC
(b)	Address of issuer's principal executive offices: 5096 RICHMOND RD, BEDFORD HEIGHTS, OHIO, 44146
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 68162K106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,208,488
(b)	Percent of class: 10.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,188,615
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,208,488
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of OLYMPIC STEEL INC. No one person's interest in the common stock of OLYMPIC STEEL INC is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	10/03/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What stake does BlackRock hold in Olympic Steel (ZEUS)?

BlackRock reports beneficial ownership of 1,208,488 shares, equal to 10.8% of Olympic Steel common stock.

As of what date is the reported ownership in the Schedule 13G/A?

The filing reflects ownership as of 09/30/2025 and the form is signed on 10/03/2025.

How much voting power does BlackRock report for these shares?

BlackRock reports sole voting power over 1,188,615 shares and sole dispositive power over 1,208,488 shares.

Does BlackRock claim the position is intended to change control of Olympic Steel?

No. The certification states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Who signed the Schedule 13G/A on behalf of BlackRock?

The filing is signed by Spencer Fleming, Managing Director, on behalf of BlackRock, Inc.