Company: ZEUS
Filing Date: 2025-10-29
Form Type: 425
Source: 0001193125-25-256374
Chunk: 19

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-29
Form: 425
Chunk 19
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 into that category. But I’m sure Rick can give you some good color on that too.

Rick
Marabito: Yeah. I mean, I think we’ll sit down and map that out and obviously do what we think is best for shareholders and potential shareholders to best understand the company and where we’re going.

Edward Lehner: Yeah. The guiding light. Transparency. Yeah.

Samuel McKinney: Yes, absolutely. Well, no, understood. Can’t blame me for asking it. Congrats, guys.

Edward Lehner: Thanks.

Rick Marabito: Thanks, Sam.

Operator: And as a reminder, if you would like to signal with questions, please press star one. Again, that’s star one. Our next question will come from
Alan Weber with Robotti & Company.

Alan Weber: Good morning. How are you?

Edward Lehner: Alan, what took you so long?

Alan Weber: So can
you talk first about are there cash costs to get the synergies? And I just want to make sure that the synergies that you’re talking about are under current market conditions, not based upon improved business cycle, et cetera.

Edward Lehner: Yeah. Alan, again, I’m going to kick it over to Rick here in just a second. But look, all we’ve known for the last three years are
the current conditions. And so, we have to really go way back to remember better conditions. So the synergies are really founded and premised on current conditions and how we get them. And when you, again, to me, I take great comfort when I look at
the combined book value of both companies, there’s really a strong underpinning for those synergies. If this environment were to unfortunately continue for an unprecedentedly long time, certainly any upturn we get will have a chance to really
show off that operating leverage, the combined company. But the synergies are really premised on where we live today. Rick?

- 10 -

Rick Marabito: Yeah, I agree 100%. How are you doing, Alan? Good to talk to you. Agree 100% with Eddie, at
least how we thought of it on the Olympic side in terms of synergies. Synergies are basically not, in my opinion, synergies are not oh, the market’s going to improve, so we’re going to call that a synergy. The synergies in terms of how
we thought about it are real,