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                                                                      EXHIBIT 24
                               POWERS OF ATTORNEY
                               ------------------

                               OLYMPIC STEEL, INC.
                               -------------------

         KNOW ALL MEN BY THESE PRESENTS, that OLYMPIC STEEL, INC., an Ohio
corporation, and each person whose name is signed below hereby constitute and
appoint Michael D. Siegal, R. Louis Schneeberger and Richard T. Marabito their
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for and on behalf of Olympic Steel, Inc. and the undersigned
Directors and officers of Olympic Steel, Inc., and each of such Directors and
officers, to sign Olympic Steel, Inc.'s Annual Report on Form 10-K for the year
ended December 31, 1997, any or all amendments thereto, and to file the same,
with exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting such attorneys-in-fact and agents
full power and authority to do and perform each and every act and thing
requisite and necessary in connection with such matters and hereby ratifying and
confirming all that such attorneys-in-fact and agents or their substitute or
substitutes may do or cause to be done by virtue hereof.

         This Power of Attorney of Olympic Steel, Inc., and the Directors and
officers of Olympic Steel, Inc. may be executed in multiple counterparts, each
of which shall be deemed an original with respect to the person executing it.

         IN WITNESS WHEREOF, this Power of Attorney has been signed at
Cleveland, Ohio this 9th day of March, 1998.

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<S>                                         <C> 
                                            OLYMPIC STEEL, INC.

                                            By: /s/ R. Louis Schneeberger
                                                -------------------------
                                                 R. Louis Schneeberger,
                                                 Chief Financial Officer

DIRECTORS AND OFFICERS:

/s/ Martin H. Elrad                         /s/ R. Louis Schneeberger
----------------------------------          -------------------------
Martin H. Elrad, Director                   R. Louis Schneeberger,
                                            Chief Financial Officer and Director

/s/ Thomas M. Forman                        /s/ Michael D. Siegal  
----------------------------------          -------------------------
Thomas M. Forman, Director                  Michael D. Siegal, President, Chief
                                            Executive Officer and Chairman of the Board

/s/ Suren A. Hovsepian                      /s/ David A. Wolfort
----------------------------------          -------------------------
Suren A. Hovsepian,                         David A. Wolfort,
Vice President and Director                 Chief Operating Officer and Director

/s/ Janice M. Margheret                     /s/ Richard T. Marabito
----------------------------------          -------------------------
Janice M. Margheret, Director               Richard T. Marabito, Treasurer
                                            and Corporate Controller
                                            (Principal Accounting Officer)
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