STOCK PURCHASE AGREEMENT
This Stock Purchase Agreement (this “ Agreement ”) is made as of May 19, 2006, by and among Oly Steel
NC, Inc., a Delaware corporation and a wholly-owned subsidiary of Olympic Steel, Inc., an Ohio corporation (“
Buyer ”), GOLDSTAR HOLDINGS LIMITED (in administration), a private limited company organized
under the laws of England and Wales (“ Seller ”), and DAVID K. DUGGINS and IAN BEST , both of Ernst
& Young LLP, as administrators of Seller (collectively, “ Administrators ”).
A . Seller is a subsidiary of Eliza Tinsley Group PLC, an English company, and Seller owns all of the issued
and outstanding shares (the “ Shares ”) of capital stock of TINSLEY GROUP-PS&W, INC. , a North
Carolina corporation (the “ Company ”), and the Company does not have any subsidiaries or equity interests.
B. Administrators were appointed joint administrators of Seller on January 31, 2006 by the directors of
Seller pursuant to paragraph 21 of schedule B1 to the Insolvency Act 1986 of England and Wales.
C. Buyer desires to purchase the Shares from Seller for the consideration and on the terms set forth in this
D. As reflected in the signature page hereto, Olympic Steel, Inc. (“ Olympic ”) shall guarantee the
obligations of Buyer set forth in this Agreement.
The parties, intending to be legally bound, agree as follows:
1.1 Definitions . For purposes of this Agreement, the following terms have the meanings specified or
referred to in this Section 1:
“ Accountants ” — as defined in Section 2.6(b).
“ Administrators ” — as defined in the first paragraph of this Agreement. A reference to the Administrators
shall be construed as being to the Administrators both joint and severally and to any other person who is
appointed as an administrator in substitution for any Administrator or as an additional administrator in conjunction
with the Administrators.