Company celebrates 70 years in business and ongoing growth

CLEVELAND, June 12, 2024--(BUSINESS WIRE)--Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today recognized two significant milestones in the Company’s history — the 50^th anniversary of Executive Chairman, Michael D. Siegal, and the Company’s 70^th year in business.

Olympic Steel began in 1954 as a steel distribution partnership between two brothers, Sam Sigel and Sol Siegal. The business, an initial joint investment of $17,000, was run from a rented warehouse in Cleveland, Ohio.

In 1974, Sol’s son, Michael Siegal, joined the business, assuming the role of Chief Executive Officer in 1984. Ten years later, Olympic Steel went public on Nasdaq, under the stock symbol ZEUS — a nod to the mythological Greek god who dwelled on Mount Olympus and a play on the Company’s name.

The company grew quickly after becoming public via acquisitions, greenfield operations and organic growth from new product lines and service offerings. In 2019, Michael Siegal became Executive Chairman of Olympic Steel’s Board of Directors. Over the years, he has turned the $17,000 investment made by his father and uncle into a more than $1 billion metals service center with facilities operating across North America.

"The organization is vastly different from when the Siegal family opened the business seventy years ago," said Andrew S. Greiff, President & Chief Operating Officer. "We’ve grown far beyond the distribution of carbon steel to offer a wide range of metals products and value-added fabrication services. Michael’s father and uncle built a great foundation, and Michael’s vision and leadership helped propel us to the trusted family of metals and manufacturing brands Olympic Steel is today."

"What a remarkable legacy," said Richard T. Marabito, Chief Executive Officer, who is celebrating 30 years with the Company this year. "Michael’s leadership has shaped the organization and our culture, as he has influenced Olympic Steel’s Core Values and mentored many of us leading the enterprise today. He has also been a role model for corporate and global citizenship with his philanthropic work around the world. We’re pleased to recognize his many achievements as we celebrate both Michael’s significant career milestone and this special moment in the history of the Company he committed his life to building."

Michael Siegal currently serves as the president of the Maccabi World Union and is on the board at Twin City Fan Companies, LTD. Since 2014, he has also served on the Board of Directors of the Development Corporation of Israel and Chairs the Jewish Agency for Israel. He previously served on the Board of Directors of the Cliffs Natural Resources Inc., the Metals Service Center Institute (MSCI), University Hospitals of Cleveland and the Rock and Roll Hall of Fame and Museum. He also previously served as the Board Chair of the Jewish Federation of North American and the Jewish Federation of Cleveland.