Original Principal Amount Cleveland, Ohio $675,000 February 22, 2001
FOR VALUE RECEIVED, DAVID A. WOLFORT ("Maker") promises to pay to the order of OLYMPIC
STEEL, INC. ("Holder") the principal amount of Six Hundred Seventy Five Thousand Dollars ($675,000)
together with interest thereon as hereinafter provided.
1. PRINCIPAL. The principal amount hereof shall be due and payable in full on January 1, 2006, or, if earlier, (i)
six (6) months after Wolfort's termination of employment with Olympic Steel, Inc., for any reason other than
death or disability, or (ii) twelve (12) months after his termination of employment due to death or disability (the
2. INTEREST. The principal amount outstanding under this Promissory Note from time to time shall bear interest
from and including the date hereof at the rate of five and 7/100ths percent (5.07%) per annum, compounded
annually on each anniversary of February 22, 2001, until paid in full. Interest on this Promissory Note shall be
computed on the basis of a 365 day year for the actual number of days elapsed.
3. PAYMENT IN FULL ON MATURITY DATE. Maker shall pay the full amount then due under this
Promissory Note, both principal and interest (including compounded interest) in a single payment on the maturity
Date. Payment of the principal of and interest on this Promissory Note shall be made in lawful money of the
United States of America to Holder at 5096 Richmond Road, Bedford Heights, Ohio 44146 or to such other
payee or at such other address as may be designated to Maker by Holder from time to time.
4. MANDATORY PREPAYMENT ON SALE OF SHARES. Maker has used the proceeds of the loan from
Holder that is evidenced by this Promissory Note to fund the purchase of 300,000 Olympic Steel, Inc. Common
Shares (the "Shares"). Upon any sale of any portion of the Shares, Maker shall promptly pay to Holder such
amount, if any, as is necessary so that, immediately after that payment, the portion of the original pri