Olympic Steel Announces Management Succession Planning

CLEVELAND--(BUSINESS WIRE)--

Olympic Steel Inc. ZEUS, a leading national metals service center, today announced Raymond Walker, President and Chief Operating Officer — Flat Rolled will retire in 2017, following 30 years of service with the Company.

Walker, 68, started working in the steel industry in 1970. He joined Olympic Steel in 1986 and was promoted to numerous management roles with increasing responsibility until assuming his current position in 2013. Walker will remain with the Company through March 2017 to ensure a seamless transition.

"Our largest sales volume segment remains carbon flat products. During Ray's tenure, we have experienced substantial growth in facilities, processing capabilities, and sales volume, resulting in record high market share for carbon sheet and plate products," said Michael Siegal, Chairman and Chief Executive Officer. "We wish Ray a long, healthy and happy retirement. His record of accomplishment reflects our corporate values of loyally serving customers and the community."

John Mooney will succeed Walker as President and Chief Operating Officer — Flat Rolled effective Jan. 1, 2017. Mooney joined Olympic Steel in 1989 and has served in many roles including Sales Manager, General Manager — Cleveland and, most recently as Vice President — Eastern Region. He is a veteran of the U.S. Army and earned a Bachelor of Science degree in business administration and marketing from Philadelphia University. Mooney is a past president and active member of the Northern Ohio Chapter of the Metals Service Center Institute.

Andrew "Andy" Markowitz has been promoted to President — Specialty Metals, effective Jan. 1, 2017. Markowitz, a 20-year veteran of the steel industry, founded Integrity Stainless in 2005, which was subsequently acquired by Olympic Steel in 2010. Since then, sales of specialty metals have grown to represent 18% of current consolidated sales, with the Company earning record high market share in the stainless steel and aluminum, sheet and coil markets. Markowitz was most recently serving as Vice President, Sales and Marketing — Specialty Metals.

"Andy Markowitz has been instrumental to our success in growing our Specialty Metals segment and in diversifying beyond carbon products," added Siegal.

"High potential individuals are continually being prepared for advancement at Olympic Steel," Siegal said. "In addition to supporting career advancement, management development initiatives enhance the success of our long-term succession strategy. John and Andy both exhibit the leadership, operating and business development capabilities essential to achieving our growth objectives. We congratulate them on their respective promotions and look forward to their continued contributions in their new roles."

Mooney and Markowitz will both report to Andrew Greiff, Olympic Steel's Executive Vice President and Chief Operating Officer.

About Olympic Steel

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel operates from 32 facilities in North America.

For additional information, please visit the Company's website at www.olysteel.com or www.b2i.us/profiles/investor/ContactUs.asp?BzID=2195

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