EMPLOYMENT AGREEMENT, effective as of January 1, 2001 (the "Effective Date"), by and between
OLYMPIC STEEL, INC., an Ohio corporation, with its principal place of business at 5096 Richmond Road,
Bedford, Ohio 44146 (hereinafter referred to as "Olympic"), and DAVID A. WOLFORT, an individual residing
at 70 Ridgecreek Trail, Moreland Hills, Ohio 44022 (hereinafter referred to as "Wolfort").
WHEREAS, Wolfort has served for many years as an executive officer of Olympic, including since 1995 as
Chief Operating Officer;
WHEREAS, Olympic desires to assure itself of the continued employment of Wolfort;
NOW, THEREFORE, the parties hereto agree as follows:
1. TERM. Olympic hereby employs Wolfort and Wolfort hereby accepts such employment, for an initial term
commencing on the Effective Date and ending on December 31, 2005, unless sooner terminated in accordance
with the provisions of
Section 4 or Section 5; with such employment to continue in accordance with the terms of this Agreement from
year to year thereafter (subject to termination as aforesaid) unless either party notifies the other party in writing
prior to thirty (30) days before the expiration of the initial term and each annual renewal thereof (said initial term
and any continuation thereof (but not after any such termination) being hereinafter referred to as the "Term").
2. DUTIES. Wolfort shall serve as President and Chief Operating Officer and shall faithfully perform for Olympic
the duties of an executive, managerial or administrative nature as shall be specified and designated from time to
time by the Chief Executive Officer and/or the Board of Directors of Olympic. Wolfort shall devote substantially
all of his business time and effort to the performance of his duties hereunder.
3.1 SALARY. (a) Olympic shall pay Wolfort during the Term a salary at the rate of Three Hundred Eighty Five
Thousand Dollars ($385,000) per annum (the "Annual Salary"), commencing January 1