UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ( X ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Year Ended December 31, 2018 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From _______________ To _______________ Commission File Number 0-23320 OLYMPIC STEEL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R. ...

Financial Data and Key Metrics Changes - The company reported record revenue of $1.7 billion for 2018, an increase of $231 million or 16% from 2017 [11][33] - For Q4 2018, revenue was $430 million, up $73 million or 20% from Q4 2017 [33] - Consolidated operating income more than doubled to $57 million for 2018, marking the third most profitable year in the company's history [12] Business Segment Data and Key Metrics Changes - All three operating segments reported record revenue in 2018: Carbon Flat (63% of sales), Specialty Metals (20%), and Pipe and Tube (17%) [34] - Specialty Metals and Pipe and Tube achieved record annual profitability in 2018 [12] Market Data and Key Metrics Changes - The company experienced an increase in market share across carbon, pipe and tube, stainless steel sheet and coil, and aluminum sheet and coil year-over-year [11] - The fourth quarter saw a decline in pricing, with Hot Roll CRU eroding by $100 a ton, impacting gross margins [28] Company Strategy and Development Direction - The company is focused on growing its core business in areas with higher returns and less volatility, alongside improving operational efficiencies [14] - Recent acquisitions, including Berlin Metals and McCullough Industries, are part of the strategy to diversify and grow the business [15][26] - The company plans to continue exploring acquisitions of metal-intensive branded product manufacturers [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from trade disputes and pricing pressures but remains optimistic about demand growth from large OEM customers [28][70] - The company expects to see margins improve after a low point in Q4 2018 and early Q1 2019, targeting gross margins of $180 to $200 per ton [86] Other Important Information - The Board of Directors declared a regular cash dividend of $0.02 per share, marking the 55th consecutive quarter of dividend payments [17] - The company ended 2018 with total assets of $761 million, a $157 million increase from the previous year, primarily due to higher working capital needs [39] Q&A Session Summary Question: Gross margin pressure in Q4 and Q1 - Management noted that margins dropped through Q4 but expect them to start improving in early February [53][54] Question: Details on the McCullough acquisition - The purchase price was $11 million, and it is expected to roll into the Carbon Flat segment [58][66] Question: Demand environment for 2019 - Large OEM customers are signaling high single-digit to low double-digit growth for 2019, with some sectors like automotive being neutral [70] Question: Operating expense reductions - Management indicated stable freight rates and opportunities for savings in administrative and warehouse expenses [102][104]