<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Olympic Steel, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
68162K 10 6
-----------------------------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item I; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 4 Pages
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SCHEDULE 13G
CUSIP NO. 68162K 10 6 PAGE 2 OF 4 PAGES
----------------- ----- -----
<TABLE>
<S> <C> <C>
- --------------------- -----------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bruce S. Adelstein
- --------------------- -----------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
2 (b) [X]
- --------------------- -----------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------- -----------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- --------------------- -----------------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 5
SHARES 1,125,000
BENEFICIALLY -----------------------------------------------------------------------------------------
OWNED BY SHARED VOTING POWER
EACH 6
REPORTING None
PERSON WITH -----------------------------------------------------------------------------------------
SOLE DISPOSITIVE OWNER
7
1,125,000
-----------------------------------------------------------------------------------------
SHARED DISPOSITIVE OWNER
8
None
- --------------------- -----------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,125,000
- --------------------- -----------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
10
- --------------------- -----------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
10.52%
- --------------------- -----------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- --------------------- -----------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1.
- -------
(a) Issuer: Olympic Steel, Inc.
(b) Principal executive office: 5080 Richmond Road
Cleveland, Ohio 44146
Item 2.
- -------
(a) Personal filing: Bruce S. Adelstein
(b) Residence address: 18 Laurel Hill Lane
Pepper Pike, Ohio 44124
(c) Citizenship: United States
(d) Class: Common Stock
(e) CUSIP: 68162K 10 6
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
- --------------------------------------------------------------------------------
whether the person filing is a:
- -------------------------------
Not applicable.
Item 4. Ownership.
- -------------------
(a) Amount beneficially owned as of December 31, 1997: 1,125,000
Common Shares
(b) Percent of class: 10.52%
(c) (i) Sole power to vote or direct vote: 1,125,000
(ii) Shares power to vote or direct vote: None
(iii) Sole power to dispose or direct disposition: 1,125,000
(iv) Shares power to dispose or direct disposition: None
Item 5. Ownership of Five Percent or Less of a Class:
- ------------------------------------------------------
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
- -------------------------------------------------------------------------
Not applicable.
Page 3 of 4 Pages
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Item 7. Identification and Classification of the Subsidiary Which Acquired the
- -------------------------------------------------------------------------------
Security Being Reported on by the Parent Holding Company:
- ---------------------------------------------------------
Not applicable.
Item 8. Identification and Classification of Members of the Group:
- -------------------------------------------------------------------
Not applicable.
Item 9. Notice of Dissolution of Group:
- ----------------------------------------
Not applicable.
Item 10. Certification:
- ------------------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
2/24/98
------------------------------------------
Date
/s/ Bruce S. Adelstein
------------------------------------------
Bruce S. Adelstein
Page 4 of 4 Pages
