Company: ZEUS
Filing Date: 2025-05-05
Form Type: S-3
Source: 0001437749-25-014524
Chunk: 2

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-05
Form: S-3
Chunk 2
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Subscription Rights
Debt Securities
Units</div>

We may offer and sell from time to time our common stock, preferred stock, depositary shares, warrants, subscription rights and debt securities, as well as units that include any of these securities. We may sell any combination of these securities in one or more offerings with an aggregate initial offering price of $200,000,000 or the equivalent amount in other currencies or currency units.
We will provide the specific terms of the securities to be offered in one or more supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our securities. This prospectus may not be used to offer and sell our securities unless accompanied by a prospectus supplement describing the method and terms of the offering of those offered securities.
We may sell the securities directly or to or through underwriters or dealers, and also to other purchasers or through agents. The names of any underwriters or agents that are included in a sale of securities to you, and any applicable commissions or discounts, will be stated in an accompanying prospectus supplement.
Investing in any of our securities involves risk. Please read carefully the section entitled“Risk Factors”beginning on page 2 of this prospectus.
Our common stock is listed on the NASDAQ Global Select Market under the symbol “ZEUS.” None of the other securities that we may offer under this prospectus are currently publicly traded.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is , 2025

Table of Contents</div>

| About This Prospectus                           |  1 |
| Where You Can Find More Information             |  1 |
| Information We Incorporate By Reference         |  1 |
| The Company                                     |  2 |
| Risk Factors                                    |  3 |
| Disclosure Regarding Forward-Looking Statements |  3 |
| Use of Proceeds                                 |  5 |
| Description of Capital Stock                    |  5 |
| Description of Depositary Shares                |  7 |
| Description of Warrants                         |  9 |
| Description of Subscription Rights              | 11 |
| Description of Debt Securities                  | 12 |
| Description of Units                            | 20 |
| Plan of Distribution                            | 20 |
| Legal Matters                                   | 22