SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q
                                   (Mark One)
                   [X] QUARTERLY REPORT PURSUANT TO SECTION 13
                 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended December 31, 2004

                                       OR

                  [ ] TRANSITION REPORT PURSUANT TO SECTION 13
                 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

             For the transition period from __________ to __________

                         Commission file number 0-14061

                             STEEL TECHNOLOGIES INC.
             (Exact name of registrant as specified in its charter)

                               Kentucky 61-0712014
                (State or other jurisdiction of (I.R.S. Employer
               incorporation or organization) Identification No.)

                 15415 Shelbyville Road, Louisville, KY   40245
               (Address of principal executive offices) (Zip Code)

                                 (502) 245-2110
              (Registrant's telephone number, including area code)

                                 Not applicable
--------------------------------------------------------------------------------
 (Former name, former address and former fiscal year, if changed since last
                                     report)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by  Sections  13 or 15(d)  of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  Registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes  X No____

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Act). Yes  X No____

Indicate the number of shares  outstanding  of each of the  Issuer's  classes of
common stock as of the latest practical date.

There were 12,864,284 shares outstanding of the Registrant's  common stock as of
January 31, 2005.


<PAGE>





                             STEEL TECHNOLOGIES INC.

                                      INDEX



                                                                     Page Number
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

        Condensed Consolidated Balance Sheets
        December 31, 2004 and September 30, 2004 ..........................  3

        Condensed Consolidated Statements of Income and
        Comprehensive Income Three Months Ended
        December 31, 2004 and 2003 ........................................  4

        Condensed Consolidated Statements of Cash Flows Three Months
        Ended December 31, 2004 and 2003 ..................................  5

        Notes to Condensed Consolidated Financial Statements .............. 6-9

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations .............................................10-18

Item 3. Quantitative and Qualitative Disclosures About Market
        Risk .............................................................. 18

Item 4. Controls and Procedures ........................................... 19

PART II.OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Security Holders................ 19

Item 6. Exhibits .......................................................... 20

Signature ................................................................. 20

Exhibit 31.1 Certification of Chief Executive Officer Pursuant to Section 302 of
             the Sarbanes-Oxley Act of 2002

Exhibit 31.2 Certification of Chief Financial Officer Pursuant to Section 302 of
             the Sarbanes-Oxley Act of 2002

Exhibit 32.1 Certification  of Chief  Executive  Officer  Pursuant to Title 18,
             United States Code,  Section 1350 as adopted pursuant to Section
             906 of the Sarbanes-Oxley Act of 2002

Exhibit 32.2 Certification  of Chief  Financial  Officer  Pursuant to Title 18,
             United States Code,  Section 1350 as adopted pursuant to Section
             906 of the Sarbanes-Oxley Act of 2002

<PAGE>

                         Part I. - FINANCIAL INFORMATION
                          Item 1. Financial Statements

                             STEEL TECHNOLOGIES INC.
                      Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
(In thousands, except shares)                        December 31    September 30
(Unaudited)                                              2004            2004
--------------------------------------------------------------------------------
 <S>                                                   <C>             <C>
ASSETS
Current assets:
   Cash and cash equivalents ...................      $   5,045       $   2,273
   Trade accounts receivable, net ..............        121,251         123,546
   Inventories .................................        197,660         178,490
   Deferred income taxes .......................          2,421           2,471
   Prepaid expenses and other assets ...........          4,966           5,629
                                                      ---------       ---------
      Total current assets .....................        331,343         312,409

Property, plant and equipment, net .............        109,781         108,593
Investments in and advances to unconsolidated
   affiliates ..................................         23,804          22,312
Goodwill .......................................         18,148          18,148
Other assets ...................................          2,382           1,544
                                                      ---------       ---------
                                                      $ 485,458       $ 463,006
                                                      =========       =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable ............................      $  68,814       $  90,859
   Accrued liabilities .........................         15,208          14,901
   Income taxes payable ........................         10,217           6,278
                                                      ---------       ---------
      Total current liabilities ................         94,239         112,038

Long-term debt .................................        140,000         114,000
Deferred income taxes ..........................         17,804          18,295
Other long-term liabilities.....................          1,076             424
                                                      ---------       ---------
      Total liabilities ........................        253,119         244,757
                                                      ---------       ---------
Commitments and contingencies

 Shareholders' equity:
   Preferred stock, no par value: 500,000 shares
    authorized; none issued or outstanding.....            -               -
   Common stock, no par value: 50,000,000 shares
    authorized; issued and outstanding shares:
    12,854,644 at December 31, 2004 and
    12,804,073 at September 30, 2004............         70,010          69,466
   Treasury stock at cost:  2,633,149 shares at
    December 31, 2004 and 2,626,742 at September
    30, 2004....................................        (24,423)        (24,238)
   Additional paid-in capital ..................          5,170           5,170
   Retained earnings ...........................        187,258         174,025
   Accumulated other comprehensive loss ........         (5,676)         (6,174)
                                                      ---------       ---------
     Total shareholders' equity ................        232,339         218,249
                                                      ---------       ---------
                                                      $ 485,458       $ 463,006
                                                      =========       =========
</TABLE>


   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.
                                       3
<PAGE>

                             STEEL TECHNOLOGIES INC.
                   Condensed Consolidated Statements of Income
<TABLE>
<CAPTION>
(In thousands, except per share results)                     Three Months Ended
(Unaudited)                                                      December 31
--------------------------------------------------------------------------------
                                                             2004          2003
                                                           ---------------------

<S>                                                        <C>          <C>
Sales ................................................     $254,016    $130,789
Cost of goods sold ...................................      221,570     120,012
                                                           --------    --------
     Gross profit ....................................       32,446      10,777

Selling, general and administrative expenses .........       10,121       6,616
Equity in net income of unconsolidated affiliates ....        1,471         482
                                                           --------    --------
  Operating income ...................................       23,796       4,643

Interest expense, net ................................        1,179       1,012
                                                           --------    --------
   Income before income taxes ........................       22,617       3,631

Provision for income taxes ...........................        8,100       1,233
                                                           --------    --------
   Net income ........................................     $ 14,517    $  2,398
                                                           ========    ========
Weighted average number of common
   shares outstanding-diluted ........................       13,090       9,977
                                                           ========    ========
Diluted earnings per common share ....................     $   1.11    $   0.24
                                                           ========    ========
Weighted average number of common
   shares outstanding-basic ..........................       12,840       9,780
                                                           ========    ========
Basic earnings per common share ......................     $   1.13    $   0.25
                                                           ========    ========
Cash dividends per common share ......................     $   0.10    $   0.10
                                                           ========    ========
</TABLE>


            Condensed Consolidated Statements of Comprehensive Income
<TABLE>
<CAPTION>

(In thousands)                                              Three Months Ended
(Unaudited)                                                     December 31
--------------------------------------------------------------------------------
                                                             2004         2003
                                                           ---------------------
<S>                                                        <C>          <C>
Net income ...........................................     $14,517      $ 2,398
   Foreign currency translation adjustment............         498         (701)
   Change in unrealized loss on cash flow
      hedges, net of taxes ...........................          -            81
                                                           --------     --------
Comprehensive income .................................     $ 15,015     $ 1,778
                                                           ========     ========
</TABLE>
   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.


                                       4
<PAGE>

                             STEEL TECHNOLOGIES INC.
                 Condensed Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
(In thousands)                                             Three months ended
(Unaudited)                                                    December 31
--------------------------------------------------------------------------------
                                                             2004       2003
                                                           ---------------------
<S>                                                       <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income .........................................   $ 14,517    $  2,398
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
       Depreciation ...................................      3,619       3,579
       Deferred income taxes ..........................       (512)       (671)
       Equity in net income of unconsolidated
        affiliates ....................................     (1,471)       (482)
       Increase (decrease) in cash resulting from
         changes in:
             Trade accounts receivable ................      2,608       5,195
             Inventories ..............................    (18,904)     (2,231)
             Prepaids expenses and other assets .......       (144)        598
             Accounts payable .........................    (22,174)     (1,939)
             Accrued liabilities and income taxes .....      4,753         (80)
                                                          --------    --------
Net cash (used in) provided by operating activities ...    (17,708)      6,367
                                                          --------    --------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of property, plant and equipment .........     (4,670)     (5,373)
                                                          --------    --------
Net cash used in investing activities .................     (4,670)     (5,373)
                                                          --------    --------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from long-term debt .......................     76,000       1,000
   Principal payments on long-term debt ...............    (50,000)     (1,000)
   Cash dividends on common stock .....................     (1,284)       (979)
   Net issuance of common stock........................        359         130
                                                          --------    --------
Net cash provided by (used in) financing activities ...     25,075        (849)
                                                          --------    --------
Effect of exchange rate changes on cash ...............         75         (80)
                                                          --------    --------
Net increase in cash and cash equivalents .............      2,772          65
Cash and cash equivalents, beginning of year ..........      2,273       2,758
                                                          --------    --------
Cash and cash equivalents, end of period ..............   $  5,045    $  2,823
                                                          ========    ========
Supplemental Cash Flow Disclosures:
Cash payment for interest .............................   $    836    $    971
                                                          ========    ========
Cash payment for income taxes .........................   $  4,330    $    484
                                                          ========    ========
</TABLE>

   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.

                                       5
<PAGE>

                             STEEL TECHNOLOGIES INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.  BASIS OF PRESENTATION:

The  condensed  consolidated  balance  sheet  as of  December  31,  2004 and the
condensed  consolidated  statements of income and  comprehensive  income for the
three months ended December 31, 2004 and 2003, and condensed  consolidated  cash
flows for the three months ended December 31, 2004 and 2003,  have been prepared
by Steel  Technologies  Inc.  (the  Company)  without  audit.  In the opinion of
management,  all adjustments  (which include only normal recurring  adjustments)
necessary to present  fairly the financial  position,  results of operations and
cash flows as of and for the three  months  ended  December 31, 2004 and for all
periods presented have been made.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have  been  condensed  or  omitted.   It  is  suggested  that  these   condensed
consolidated  financial  statements  be read in  conjunction  with the financial
statements  and  notes  thereto  included  in the  Company's  annual  report  to
shareholders  for the year ended  September 30, 2004.  The results of operations
for the three months ended December 31, 2004 are not  necessarily  indicative of
the operating results for the full year.


2.  INVENTORIES:

<TABLE>
<CAPTION>
Inventories consists of:


(In thousands)                                       December 31   September 30
(Unaudited))                                             2004          2004
-------------------------------------------------------------------------------
<S>                                                 <C>           <C>
Raw materials ....................................   $  140,346   $  132,570
Finished goods and work in process ...............       57,314       45,920
                                                     ----------   ----------
                                                     $  197,660   $  178,490
                                                     ==========   ==========
</TABLE>


3.  STOCK OPTIONS

At December 31, 2004, the Company had stock-based  compensation  plans which are
described more fully in Note 14 of Notes to Consolidated Financial Statements in
our Annual Report on Form 10-K for the fiscal year ended  September 30, 2004. As
permitted  by  Statement  of  Financial  Accounting  Standards  (SFAS)  No.  123
"Accounting  for  Stock-Based   Compensation"  and  amended  by  SFAS  No.  148,
"Accounting for Stock-Based Compensation-Transition and Disclosure," the Company
follows  the  provisions  of  Accounting   Principles   Board  Opinion  No.  25,
"Accounting  for Stock  Issued to  Employees,"  and related  Interpretations  in
accounting  for its stock option plans under the  intrinsic  value

                                       6
<PAGE>


based  method.   Accordingly,  no  stock-based  compensation  expense  has  been
recognized for stock options issued under the plans as all stock options granted
under  the  plans  had an  exercise  price  equal  to the  market  value  of the
underlying  common  stock on the date of grant.  Had  compensation  expense been
determined  based on the fair  value of the  stock  options  at the  grant  date
consistent  with the  provisions  of SFAS No. 123, the  Company's net income and
basic and diluted net income per share would have been impacted as follows:


<table>
<caption>
                                                      Three Months Ended
                                                           December 31
(In thousands except per share data)              ------------------------------
(Unaudited)                                            2004           2003
--------------------------------------------------------------------------------

                                                 <c>              <c>
Net income - as reported                            $14,517          $ 2,398
Total stock-based employee compensation
     expense determined under fair value
     method for all awards, net of taxes                 56               86
                                                    -------          -------
Net income - pro forma                              $14,461          $ 2,312
                                                    =======          =======

Diluted net income per share - as reported            $1.11            $0.24
Diluted net income per share - pro forma              $1.11            $0.23
Basic net income per share - as reported              $1.13            $0.25
Basic net income per share - pro forma                $1.13            $0.24

</table>


4.  NET INCOME PER SHARE COMPUTATIONS:

The following is a  reconciliation  of the  denominator of the basic and diluted
per share computations:
<TABLE>
<CAPTION>

(Amounts in thousands, except per share data)               Three Months Ended
(Unaudited)                                                     December 31
--------------------------------------------------------------------------------
                                                             2004        2003
                                                          ----------------------
<S>                                                       <C>         <C>
Net income ............................................   $  14,517   $   2,398
                                                          ---------   ---------
Shares (denominator) used for diluted
   per share computations:
    Weighted average shares of common  stock
        outstanding ...................................      12,840       9,780
    Plus: dilutive effect of stock options ............         250         197
                                                          ---------   ---------
           Diluted weighted average shares ............   $  13,090   $   9,977
                                                          ---------   ---------
Shares (denominator) used for basic per
   share computations:
   Weighted average shares of common stock
       outstanding ....................................      12,840       9,780
                                                          ---------   ---------
Net income per share data:
    Diluted ...........................................   $    1.11   $    0.24
                                                          =========   =========
    Basic .............................................   $    1.13   $    0.25
                                                          =========   =========
</TABLE>

                                       7
<PAGE>


All  outstanding  options  are  included  in  the  diluted  earnings  per  share
calculation above for the three months ended December 31, 2004 and 2003.


5.  RELATED PARTIES

Summarized  condensed  income  statement  information  of  Mi-Tech  Steel,  Inc.
(Mi-Tech Steel), a fifty percent owned unconsolidated affiliate accounted for by
the equity method, follows:

<TABLE>
<CAPTION>
        (In thousands)                                   Three Months Ended
        (Unaudited)                                          December 31
        -----------------------------------------------------------------------
                                                       2004             2003
                                                    -----------     -----------
        <S>                                         <C>             <C>
        Sales                                       $  70,541       $  41,796
        Gross Profit                                    7,040           2,800
        Net Income                                      2,801             792
</TABLE>

The Company has various  transactions with Mi-Tech Steel. The Company reimbursed
Mi-Tech  Steel  $390,000 and $181,000,  respectively, for its share of operating
costs of its Decatur,  Alabama  facility for the three months ended December 31,
2004 and 2003.  The Company has recorded  sales of $590,000 and $285,000  during
the three months ended  December 31, 2004 and 2003,  respectively,  and accounts
receivable  of $973,000 and $612,000 as of December 31, 2004 and  September  30,
2004,  respectively,  for products and services sold at prevailing market prices
to Mi-Tech  Steel.  Included in operating  income of the Company are  management
fees and equity from the net income of Mi-Tech  Steel  totaling  $1,634,000  and
$615,000 during the three months ended December 31, 2004 and 2003, respectively.

During the three months ended December 31, 2004 and 2003,  the Company  recorded
sales of $7,471,000 and $2,699,000,  respectively,  for scrap products sold to a
company  owned by an officer and  director of the Company.  Accounts  receivable
from the  aforementioned  company were  $4,883,000 and $4,714,000 as of December
31,  2004  and  September  30,  2004,  respectively.  Management  reports  these
transactions  to the Audit  Committee of the Board of Directors as frequently as
requested by the Committee, but at least annually. Most recently, in April 2004,
the Audit Committee  reviewed and approved these  transactions.  The Company has
the  ability to  continue or cease  selling  scrap steel to this  company at any
time.


6.  IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

On December 16, 2004,  the Financial  Accounting  Standards  Board (FASB) issued
SFAS  No.  123(R),  Share-Based  Payment,  that  addresses  the  accounting  for
share-based  payment  transactions  in which  an  enterprise  receives  employee
services  in  exchange  for (a)  equity  instruments  of the  enterprise  or (b)
liabilities  that  are  based  on the  fair  value  of the


                                       8
<PAGE>

enterprise's  equity  instruments or that may be settled by the issuance of such
equity  instruments.  SFAS No.  123(R)  eliminates  the  ability to account  for
share-based  compensation  transactions  using APB Opinion  No. 25 and  requires
instead that such transactions be accounted for using a fair-value-based method.
SFAS No. 123(R) is effective for any interim or annual  period  beginning  after
June 15, 2005. The Company is currently analyzing the impact of SFAS No. 123(R).

On October 22, 2004 the  American  Jobs  Creation  Act of 2004 was passed and is
effective  for our fiscal year ended  September  30,  2006.  This law provides a
phased  in  deduction  for  a  percentage  of  qualified  income  from  domestic
production activities.  The Company will assess the impact of this change in tax
law as further authoritative guidance becomes available.

In November 2004, the FASB issued SFAS No. 151,  "Inventory Costs - an Amendment
of ARB No.  43."  SFAS No. 151 amends  the  guidance  in ARB No. 43,  Chapter 4,
"Inventory  Pricing," to clarify the  accounting  for  abnormal  amounts of idle
facility expense, freight, handling costs, and spoilage, and requires that these
items be recognized as  current-period  charges  regardless of whether they meet
the  criterion  of "so  abnormal."  In  addition,  SFAS No.  151  requires  that
allocation of fixed production  overheads to the costs of conversion be based on
the normal  capacity of the production  facilities.   The provisions of SFAS No.
151 are effective for inventory  costs  incurred  during fiscal years  beginning
after June 15, 2005, with earlier application  permitted.   The Company does not
expect the adoption of SFAS No. 151 will have a material impact on our financial
position, results of operations or cash flows.


                                       9
<PAGE>




     Item 2. Management's Discussion and Analysis of Financial Condition and
                             Results of Operations

When used in the  following  discussion,  the word  "expects"  and other similar
expressions are intended to identify forward-looking statements,  which are made
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform Act of 1995. Such forward-looking statements are subject to certain risks
and  uncertainties  that could cause actual  results to differ  materially  from
those projected.  Specific risks and uncertainties  include, but are not limited
to, competitive  factors such as pricing and availability of steel;  cyclicality
of demand in the steel  industry,  specifically  in the automotive  market;  our
ability to make and integrate  acquisitions;  our inability to obtain sufficient
capital  resources  to fund our  operations  and our  growth;  risk of  business
interruptions affecting automotive manufacturers; and reliance on key customers.
Readers  are  cautioned  not to place undue  reliance  on these  forward-looking
statements,  which speak only as of the date hereof.  We undertake no obligation
to republish  revised  forward-looking  statements to reflect the  occurrence of
unanticipated events or circumstances after the date hereof.  Unless the context
otherwise  requires,  references  to "we," "us" or "our" refer  collectively  to
Steel Technologies Inc. and its subsidiaries.

Application of Critical Accounting Policies
-------------------------------------------

Our  consolidated  financial  statements  have been prepared in accordance  with
generally  accepted  accounting  principles.  The preparation of these financial
statements requires management to make estimates and assumptions that affect the
amounts reported in the financial  statements.  Actual results could differ from
these estimates under different assumptions or conditions.  On an ongoing basis,
we monitor and evaluate our estimates and assumptions.

A summary of  significant  accounting  policies used in the  preparation  of the
consolidated   financial  statements  are  described  in  Note  1  of  Notes  to
Consolidated  Financial  Statements  in our  Annual  Report on Form 10-K for the
fiscal year ended September 30, 2004.

Our  most  critical  accounting  policies  include  the  valuation  of  accounts
receivable,  which impacts selling,  general and administrative expense, and the
assessment  of  recoverability  of goodwill and  long-lived  assets.  Management
reviews the estimates, including, but not limited to, the allowance for doubtful
accounts  on  a  regular  basis  and  makes   adjustments  based  on  historical
experiences,  current  conditions  and  future  expectations.  The  reviews  are
performed  regularly and adjustments are made as required by currently available
information. We believe these estimates are reasonable, but actual results could
differ from these estimates.

     Allowance for Doubtful Accounts Receivable
     ------------------------------------------

     Our accounts  receivable  represent those amounts which have been billed to
     our customers but not yet collected.  An allowance for doubtful accounts is
     maintained  for  estimated  losses  resulting  from  the  inability  of our
     customers to make required

                                       10
<PAGE>


     payments.  The allowance is maintained  at a level  considered  appropriate
     based on  historical  and other  factors  that affect  collectibility.  The
     factors  include  historical  trends of write-offs,  sales,  recoveries and
     credit losses, the monitoring of portfolio credit quality,  and current and
     projected economic and market conditions. If the financial condition of our
     customers were to deteriorate, resulting in an impairment of the ability to
     make payments beyond previously  established terms,  additional  allowances
     may be required.  Uncollectible accounts receivable are written off against
     the allowance for doubtful accounts  receivable when management  determines
     that the  probability  of payment is remote and  collections  efforts  have
     ceased.

     Long-Lived Assets
     -----------------

     Long-lived  assets with  estimated  useful lives are  depreciated  to their
     residual values over those useful lives in proportion to the economic value
     consumed.  We  review  the  carrying  value of our  long-lived  assets  for
     impairment  whenever changes in events and circumstances  indicate that the
     carrying amount of the assets may not be  recoverable.  If an evaluation is
     required,  the estimated future  undiscounted cash flows associated with an
     asset would be compared to the asset's  carrying  value to  determine  if a
     write-down  to market value or  undiscounted  cash flows value is required.
     Future changes in circumstances,  cash flow estimates and estimates of fair
     value could affect the valuations.

     Goodwill is reviewed annually, or sooner if indicators of impairment exist,
     for impairment using the present value technique to determine the estimated
     fair  value of  goodwill  associated  with each  reporting  entity.  If the
     goodwill is indicated as being  impaired  (the present  value of cash flows
     (fair value) of the reporting unit is less than the carrying  amount),  the
     fair value of the reporting  unit would then be allocated to our assets and
     liabilities in a manner  similar to the purchase price  allocation in order
     to determine the implied fair value of the reporting  unit  goodwill.  This
     implied fair value of the reporting  unit  goodwill  would then be compared
     with the carrying  amount of the  reporting  unit  goodwill and, if it were
     less, we would then recognize an impairment loss.

     Considerable  management  judgment is  necessary to assess  impairment  and
     estimate fair value.  The  projection of future cash flows for the goodwill
     impairment  analysis  requires  significant  judgment  and  estimates  with
     respect to future  revenues  related  to the  assets  and the  future  cash
     outlays related to those  revenues.  Actual revenues and related cash flows
     or changes in  anticipated  revenues and related cash flows could result in
     changes  in  the  assessment  and  result  in  an  impairment  charge.  The
     assumptions used in our evaluations,  such as forecasted growth rates, cost
     of capital,  tax rates and residual values are consistent with our internal
     projections  and  operating  plans.  The  use  of  different   assumptions,
     including  cash flows and discount  rates,  could  increase or decrease the
     related impairment charge.


                                       11
<PAGE>


Overview
--------

We are one of the largest  independent  flat-rolled  steel  processors  in North
America.   Our  North  American   platform  of  20  facilities,   including  our
unconsolidated  affiliates,  is strategically  positioned in the steel producing
and consuming markets throughout the United States and Mexico. We bring value to
our  customers  through  precision  steel  processing  as well as  supply  chain
management,  quality control and technical support. We utilize the most advanced
equipment to produce high-quality steel products and specialize in meeting exact
specifications  for  customers  in a variety of  industries  and end use markets
including automotive,  lawn and garden,  appliance and rail car industries.  Our
broad  geographic  coverage  allows us to provide our customers  with  efficient
just-in-time delivery.

We focus our sales and  marketing  strategies  to more fully  leverage our North
American  platform  of value  added steel  processing  facilities.  We have been
successful  in  growing  our  volume  across  all  operations  and  have  gained
meaningful  market  growth,  both with existing and new customers  across a wide
range of end use markets.  Our broad capabilities and geographic presence offers
distinct  competitive  advantages to customers that have multi-plant  operations
throughout the United States,  Canada and Mexico.  This has allowed us to expand
with regional and large national accounts.

For the three months ended  December 31, 2004,  sales  increased 94% to a record
$254,016,000 from $130,789,000 in the same period a year ago. Net income for the
quarter  increased  to a record  $14,517,000  or $1.11  per  diluted  share,  on
approximately 13,090,000 weighted average shares outstanding,  compared with net
income of $2,398,000 or $0.24 per diluted share in the year-earlier  period,  on
approximately 9,977,000 weighted average shares outstanding. The 31% increase in
weighted  average  diluted  shares  outstanding  resulted  from  our  successful
completion of a secondary stock offering of 2,905,000 shares in March 2004.

Our tons sold of  company-owned  steel  products in our first  quarter of fiscal
2005  increased  17.4% over the first quarter of fiscal 2004 to a record 293,000
tons. The  unprecedented  market conditions  experienced  throughout fiscal 2004
continued  during our first quarter of fiscal 2005.  We worked  closely with our
strategic  suppliers  allowing  us to satisfy  our  customer's  needs and expand
volume in a variety  of  markets  while at the same  time  managing  challenging
pricing dynamics. We anticipate continued volume growth of approximately 10% for
the second  quarter of fiscal 2005 over our first quarter 2005 levels.  With our
recent investments we are well positioned to manage these higher volumes.

Our largest unconsolidated affiliate,  Mi-Tech Steel, Inc. (Mi-Tech Steel), also
experienced  record  results in sales,  volume  shipped and profits in the first
quarter of fiscal  2005.  Mi-Tech  Steel  plays an  important  role in our North
American   platform.   We  anticipate   Mi-Tech  Steel's  revenues  to  grow  by
approximately  20% during the second  quarter of fiscal  2005 versus the similar
quarter in fiscal 2004.

Our gross profit  margin was 12.8% in the first  quarter of fiscal 2005 compared
to 8.2% in the first quarter of fiscal 2004.  Our gross profit  margin  improved
primarily due to higher

                                       12
<PAGE>


sales levels related to our market growth. We believe our gross profit margin in
our  second  quarter of 2005 will  decline  slightly  from our first  quarter of
fiscal 2005.

The steel producing industry continues to experience global consolidation.  This
dynamic  has  created  a  stronger  North  American  supply  base  with  a  more
disciplined approach to the market. As this consolidation continues, we continue
to be well aligned with the leading  steel  producers to meet our future  growth
objectives.  We remain  committed  to  building  upon our  strong  customer  and
supplier  relationships  as we bring value to the supply chain through our North
American processing platform.

We intend to invest $17  million  in  capital  projects  in fiscal  2005.  These
projects will enhance our capabilities by further expanding capacity,  improving
quality and service to our  customers and lowering  conversion  costs of current
operations.


    Financial Highlights (in thousands except per share data and percentages)
    -------------------------------------------------------------------------

<table>
<caption>


                                  For the Three Months Ended December 31
                                         2004              2003
                                   ---------------  ------------------
                                            % of              % of         %
(Unaudited)                        Actual   Sales    Actual   Sales      Change
--------------------------------- -------- -------  -------- --------- --------

                              <c>       <c>      <c>       <c>         <c>
Sales                            $254,016  100.0%   $130,789  100.0%      94%
Gross profit                       32,446   12.8      10,777    8.2      201
Selling, general and
   administrative expenses         10,121    4.0       6,616    5.1       53
Equity in net income of
   unconsolidated affiliates        1,471    0.6         482    0.4      205
Operating income                   23,796    9.4       4,643    3.5      413
Interest expense, net               1,179    0.5       1,012    0.8       16
Net income                         14,517    5.7       2,398    1.8      505
Diluted earnings per common share   $1.11              $0.24             363
Cash dividends per common share     $0.10              $0.10              -

Other data
----------
Average days sales outstanding      43.0               47.5               (9)
Inventory turnover                   4.5                5.6              (20)
Return on equity (annualized)       25.0%               6.9%             262

</table>

                                       13
<PAGE>



Results of Operations
---------------------

     Sales
     -----

     We posted net sales of  $254,016,000  for the first quarter ended  December
     31,  2004,  an  increase  of 94% from sales of  $130,789,000  for the first
     fiscal quarter ended December 31, 2003. Tons shipped of company-owned steel
     products in the first quarter of fiscal 2005 increased approximately 17% to
     293,000  tons  compared to the first  quarter of fiscal 2004 as a result of
     continued market growth with large national  accounts and improved economic
     conditions.  The average  selling  price of  company-owned  steel  products
     increased  approximately  68% for  the  first  quarter  of  fiscal  2005 as
     compared to the first quarter of fiscal 2004.

     Gross profit
     ------------

     Our gross  profit  margin  was 12.8% in the first  quarter  of fiscal  2005
     compared to 8.2% in the first  quarter of fiscal  2004.  Cost of goods sold
     increased  84.6% in the first  quarter of fiscal 2005 compared to the first
     quarter of fiscal 2004. Cost of materials sold increased $97,532,000 in the
     first  quarter of fiscal 2005 due to higher sales volume and  increased raw
     material costs.  The remaining  increase in cost of goods sold in the first
     quarter  of  fiscal  2005 was  $4,026,000  and was  primarily  a result  of
     increased  labor costs and related fringe  benefits and increased  delivery
     costs due to higher sales volume.

     Our gross profit margin decreased slightly from 14.4% in the fourth quarter
     of fiscal 2004 to 12.8% in the first quarter of fiscal 2005 and we expect a
     similar decrease in the second quarter of fiscal 2005. We may offset rising
     material costs and positively  impact gross profit by achieving  production
     cost efficiencies and product mix improvements.

     Selling, general and administrative expenses
     --------------------------------------------

     Selling,  general and  administrative  costs were $10,121,000 for the three
     months ended December 31, 2004, compared to $6,616,000 for the three months
     ended  December 31, 2003.  The  increaser is primarily  attributable  to an
     increase in company wide bonus plan  expenses of  approximately  $1,814,000
     which are tied to  company  profits,  higher  selling,  administrative  and
     travel expenses of approximately  $697,000 to increase our market coverage,
     an increase of bad debt  expense of $183,000  attributable  to higher sales
     levels and an  increase  of  $426,000 in  remaining  general  expenses.  In
     addition, the first quarter of fiscal 2004 included a reduction of property
     tax  expenses  of  approximately  $385,000  as a  result  of  receiving  an
     assessment at amounts significantly lower than estimated.

     We  continue  to actively  manage the level at which  selling,  general and
     administrative expenses are added to our cost structure.

                                       14
<PAGE>


     Equity in net income of unconsolidated affiliates
     -------------------------------------------------

     Our  share of the  income of our  unconsolidated  affiliates  increased  to
     $1,471,000  for the first  quarter of fiscal  2005  compared to $482,000 in
     2004.

     Our largest unconsolidated affiliate,  Mi-Tech Steel, experienced 69% sales
     growth  during the first  quarter of fiscal  2005 as  compared to the first
     quarter of fiscal 2004.  The continued  ramping up of the Nissan Motor Co.,
     Ltd.'s new Canton,  Mississippi operation contributed positively to Mi-Tech
     Steel's  earnings.  In addition,  Mi-Tech  Steel  continues to benefit from
     strong transplant and domestic market growth.

     Interest expense
     ----------------

     Net  interest  expense for the first  quarter of fiscal 2005  increased  to
     $1,179,000  from  $1,012,000  for the first  quarter  of fiscal  2004.  The
     increase is attributable to higher average borrowings on our unsecured line
     of credit to support  our sales  growth and higher  interest  on fixed rate
     debt that  replaced  variable  rate debt at lower  rates  during  the first
     quarter of fiscal 2005.

     Income tax expense
     ------------------

     Our  effective  income  tax  rate  was   approximately   35.8%  and  34.0%,
     respectively,  for the first quarters of fiscal 2005 and 2004. The increase
     in our effective tax rate is primarily  attributable to a lower  percentage
     of overall earnings from Mi-Tech Steel,  which are not fully taxable to our
     Company.


Liquidity and Capital Resources
-------------------------------

As of December 31, 2004, we had  $237,104,000 of working  capital,  maintained a
current ratio of 3.5:1 and had total debt at 38% of  capitalization.  Generally,
in periods of economic  expansion  and increased  demand for our  products,  our
working  capital  requirements  increase.  Conversely,  in periods  of  economic
contraction   and  reduced  demand  for  our  products,   our  working   capital
requirements decrease.

Average days sales  outstanding to customers was 43 days as of December 31, 2004
compared to 48 as of December 31, 2003. We expect average days sales outstanding
to increase to 45 days during the second  quarter of fiscal  2005.  Average days
inventory was 80 days as of December 31, 2004 compared to 65 days as of December
31, 2003.  We expect  average days  inventory to decrease to 75 days  during the
second quarter of fiscal 2005.

Our average  payment  days to  suppliers  was  28 days as of  December  31, 2004
compared to 36 days as of December 31, 2003. We expect  average  payment days to
suppliers to be 35 days during the second quarter of fiscal 2005.

                                       15
<PAGE>


During  the first  three  months of fiscal  2005,  cash used in  operations  was
$17,708,000  primarily  working  capital  related.  We  increased  inventory  by
$18,904,000  to  support  our sales  growth  and  reduced  accounts  payable  by
$22,174,000 to meet our obligations to suppliers.  This working capital increase
was financed primarily from borrowings under our bank line of credit.

Capital  expenditures  for  the  first  three  months  of  fiscal  2005  totaled
approximately $4,670,000. We continue to expand production capacity to serve the
growing needs of customers and invest in automation to improve  productivity and
make our operations  more efficient.  For fiscal 2005, the capital  additions to
all facilities are expected to approximate $17,000,000.

We  maintain  an equity  investment  of  $25,744,000  in our  90%-owned  Mexican
subsidiary. Additional investments in our Mexican operations, if required, would
be financed with available funds from our credit facility.

The translation of the financial statements of our Mexican subsidiary from local
currencies to the U.S.  dollar  subjects us to exposure  relating to fluctuating
exchange  rates.  However,  this  exposure  is  mitigated  somewhat  by a  large
percentage of transactions  denominated in the U.S.  dollar.  We do not consider
our exposure to exchange rate risks to be material and consider the Mexican peso
a relatively  stable  currency.  We do not typically  manage our related foreign
currency  exchange rate risk through the use of financial  instruments.  Foreign
currency  transaction  losses  included in sales were $167,000  during the three
months ended December 31, 2004  reflecting a stronger  average  exchange rate of
the peso  relative to the U.S.  dollar  during the first quarter of fiscal 2005.
Foreign currency  transaction gains included in sales for the three months ended
December 31, 2003 were $120,000.

We maintain a 50% equity investment in Mi-Tech Steel and a 49% equity investment
in  Ferrolux  Metals.  Additional  equity  contributions  to our  unconsolidated
affiliates  are not  required and we do not  guarantee  any  obligations  of our
unconsolidated affiliates. While distributions from Mi-Tech Steel are permitted,
if authorized by Mi-Tech  Steel's board of  directors,  such  distributions  are
restricted by one of Mi-Tech Steel's loan agreements.  Such  restrictions  limit
distributions  to 15%  of  Mi-Tech  Steel's  net  income  in  any  fiscal  year.
Distributions  from Mi-Tech Steel are not, and are not expected to be,  material
sources of liquidity for us. Mi-Tech  Steel's  liquidity needs are met primarily
by their  cash flows  from  operating  activities  and  existing  line of credit
facility  and  shareholder  loans.  Cash flows  from  operations  and  available
borrowing capabilities are expected to meet Mi-Tech Steel's future needs.

On October 21, 2004, we issued  $50,000,000 in unsecured senior notes which have
an average term of 9.4 years and a blended interest rate of 5.67%. The notes are
comprised of $10,000,000 of 5.33% Series A Senior Notes due October 21, 2011 and
$40,000,000  of 5.75% Series B Senior  Notes due October 21, 2014.  The proceeds
from the notes were used to reduce borrowings  outstanding on our revolving line
of credit facility.

                                       16

<PAGE>


Borrowings  and repayments  under our line of credit  agreement are initiated as
needed to fund our operating and investing  activities  described above.  During
the first three months of fiscal 2005,  we borrowed  $76,000,000  to finance our
working  capital needs and used the proceeds from the unsecured  senior notes to
make a $50,000,000 payment on our line of credit facility.

We  have  a  $135,000,000  unsecured  revolving  credit  facility  that  matures
September 2009. Our existing  banking group can elect to expand the availability
to  $200,000,000  at our request  under certain  circumstances.  Interest on the
facility is paid with various  variable  options on the interest  rate,  none of
which are greater  than the bank's prime rate.  At December 31, 2004,  there was
$90,000,000 outstanding on the credit facility.

Provisions  contained in our debt  agreements  require us to maintain  specified
levels of net  worth,  maintain  certain  financial  ratios  and  limit  capital
expenditures,  operating  leases,  capital  leases and addition  debt. We are in
compliance with our loan  covenants,  and none of these covenants would restrict
the completion of currently planned capital expenditures.

Cash Requirements, Contractual Obligations and Contingencies
------------------------------------------------------------

Our  liquidity  needs  are  met  primarily  by our  cash  flows  from  operating
activities  and our line of credit  facility.  Operating cash flows are somewhat
influenced by  cyclicality  of demand in the steel  industry,  especially in the
automotive  market.  We  anticipate  borrowing  on our  existing  line of credit
facility to support our continued  growth and to meet our working capital needs.
Cash flows from operations and available borrowing  capabilities are expected to
meet our future needs.

We have entered into operating leases and agreements to purchase  electricity to
meet  the  needs  of  our  facilities.   These   obligations  have  not  changed
significantly  from those  disclosed  in our Annual  Report on Form 10-K for the
year ended September 30, 2004.

At this time, we have no other known material  off-balance  sheet  arrangements,
contractual obligations,  contingent liabilities or commitments that must be met
beyond the next twelve months.

We believe  all  manufacturing  facilities  are in  compliance  with  applicable
federal and state environmental  regulations.  We are not presently aware of any
fact or  circumstance,  which would require the expenditure of material  amounts
for environmental compliance.

Related Party Transactions
--------------------------

We have various transactions with Mi-Tech Steel and we sell scrap steel products
to a  company  owned  by  Stuart  N.  Ray,  an  officer  and  director  of Steel
Technologies  (see  Note 5 of our  Notes  to  Condensed  Consolidated  Financial
Statements). Management reports these transactions to the Audit Committee of the
Board of Directors as  frequently  as requested by the  Committee,  but at least
annually. Most recently, in April 2004, the Audit

                                       17
<PAGE>

Committee reviewed and approved these transactions.  The Company has the ability
to continue or cease selling scrap steel to this company at any time.

Recently Issued Accounting Pronouncements
-----------------------------------------

On December 16, 2004,  the Financial  Accounting  Standards  Board (FASB) issued
SFAS  No.  123(R),  Share-Based  Payment,  that  addresses  the  accounting  for
share-based  payment  transactions  in which  an  enterprise  receives  employee
services  in  exchange  for (a)  equity  instruments  of the  enterprise  or (b)
liabilities  that  are  based  on the  fair  value  of the  enterprise's  equity
instruments  or that may be settled by the issuance of such equity  instruments.
SFAS No. 123(R)  eliminates the ability to account for share-based  compensation
transactions   using  APB  Opinion  No.  25  and  requires   instead  that  such
transactions be accounted for using a fair-value-based  method.  SFAS No. 123(R)
is effective for any interim or annual period  beginning after June 15, 2005. We
are currently analyzing the impact of SFAS No. 123(R).

On October 22, 2004 the  American  Jobs  Creation  Act of 2004 was passed and is
effective  for our fiscal year ended  September  30,  2006.  This law provides a
phased  in  deduction  for  a  percentage  of  qualified  income  from  domestic
production  activities.   We will assess the impact of this change in tax law as
further authoritative guidance becomes available.

In November 2004, the FASB issued SFAS No. 151,  "Inventory Costs - an Amendment
of ARB No.  43."  SFAS No. 151 amends  the  guidance  in ARB No. 43,  Chapter 4,
"Inventory  Pricing," to clarify the  accounting  for  abnormal  amounts of idle
facility expense, freight, handling costs, and spoilage, and requires that these
items be recognized as  current-period  charges  regardless of whether they meet
the  criterion  of "so  abnormal."  In  addition,  SFAS No.  151  requires  that
allocation of fixed production  overheads to the costs of conversion be based on
the normal  capacity of the production  facilities.   The provisions of SFAS No.
151 are effective for inventory  costs  incurred  during fiscal years  beginning
after June 15, 2005, with earlier application  permitted.   We do not expect the
adoption of SFAS No. 151 will have a material impact on our financial  position,
results of operations or cash flows.


       Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material  change  during the three months  ended  December 31,
2004 from the  disclosures  about market risk  provided in our Annual  Report on
Form 10-K for the year ended September 30, 2004.

                                       18

<page>



                         Item 4. Controls and Procedures

Management,  including our Chief Executive Officer and Chief Financial  Officer,
evaluated  the  effectiveness  of the design  and  operation  of our  disclosure
controls and  procedures  as of the end of the first fiscal  quarter  covered by
this  Quarterly  Report on Form  10-Q.  Based  upon that  evaluation,  our Chief
Executive  Officer and Chief  Financial  Officer  concluded  that the disclosure
controls  and  procedures  are  effective  to ensure that  material  information
required to be disclosed  in the reports we file or submit under the  Securities
Exchange Act of 1934 is made known to us by others within our company, including
our consolidated subsidiaries,  particularly during the period for which reports
of our company, including this Quarterly Report on Form 10-Q, are being prepared
and to permit our  company to report  that  information  within the time  period
specified to the Securities and Exchange Commission.

There were no changes in our internal  control  over  financial  reporting  that
occurred  during our first fiscal  quarter that has materially  affected,  or is
reasonably  likely to materially  affect,  our internal  control over  financial
reporting.


                        Part II - Other Information

           Item 4. Submission of Matters to a Vote of Security Holders

The annual  meeting of  shareholders  was held on January 27, 2005.  The matters
voted upon at the meeting were the election of three  directors  for  three-year
terms and  ratification  of an amendment to the  Company's  Second  Non-employee
Directors  Stock Plan to increase the number of shares of common stock available
for issuance from 25,000 to 75,000.

The number of votes cast for,  against or withheld  with respect to each nominee
for director elected at the meeting were as follows:



Nominee               Votes For         Votes Against     Votes Withheld
-------               ---------         -------------     --------------

Merwin J. Ray         9,035,428               0              2,624,907
Bradford T. Ray       9,021,488               0              2,638,847
Doug A. Bawel         8,915,344               0              2,744,991


The number of votes cast for,  against or abstained  with respect to approval of
an  amendment  to the  Company's  Second  Non-employee  Directors  Stock Plan to
increase the number of shares of common stock available for issuance from 25,000
to 75,000 were as follows.

        Votes For      Votes Against      Votes Abstained
        ---------      -------------      ---------------

        8,657,738            0                 54,844

                                       19

<page>


                          Item 6. Exhibits

Exhibits filed or furnished with this report:

   Exhibit 31.1             Certification of Chief Executive  Officer Pursuant
                            to Section 302 of the Sarbanes-Oxley Act of 2002

   Exhibit 31.2             Certification of Chief Financial  Officer Pursuant
                            to Section 302 of the Sarbanes-Oxley Act of 2002

   Exhibit 32.1             Certification of Chief Executive  Officer  Pursuant
                            to Title 18, United States Code, Section 1350 as
                            adopted pursuant to Section 906 of the
                            Sarbanes-Oxley Act of 2002

   Exhibit 32.2             Certification of Chief Financial  Officer  Pursuant
                            to Title 18, United States Code, Section 1350 as
                            adopted pursuant to Section 906 of the
                            Sarbanes-Oxley Act of 2002




SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.







        STEEL TECHNOLOGIES INC.
        ----------------------
             (Registrant)







By      /s/ Joseph P. Bellino
        -----------------------------
        Joseph P. Bellino
        Chief Financial Officer
        (Principal Financial and Chief Accounting Officer)




Dated February 8, 2005

                                       20

<PAGE>
                                  EXHIBIT 31.1
                CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bradford T. Ray, certify that:

1.   I have reviewed this  quarterly  report on Form 10-Q of Steel  Technologies
     Inc. for the fiscal quarter ending December 31, 2004;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     a)   Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c)   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          first fiscal  quarter that has materially  affected,  or is reasonably
          likely to materially  affect,  the registrant's  internal control over
          financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a)   All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


Date: February 8, 2005

/s/ Bradford. T. Ray
--------------------
Bradford T. Ray
Chief Executive Officer


<PAGE>

                                  EXHIBIT 31.2
                CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joseph P. Bellino, certify that:

1.   I have reviewed this  quarterly  report on Form 10-Q of Steel  Technologies
     Inc. for the fiscal quarter ending December 31, 2004;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     a)   Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c)   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          first fiscal  quarter that has materially  affected,  or is reasonably
          likely to materially  affect,  the registrant's  internal control over
          financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a)   All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Date: February 8, 2005

/s/ Joseph P. Bellino
---------------------
Joseph P. Bellino
Chief Financial Officer


<page>

                                  EXHIBIT 32.1


                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
             PURSUANT TO TITLE 18, UNITED STATES CODE, SECTION 1350
      AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Title 18, United States Code,  Section 1350, as adopted  pursuant to
Section  906 of the  Sarbanes-Oxley  Act of 2002,  I,  Bradford  T.  Ray,  Chief
Executive Officer of Steel Technologies Inc., (the Company) certify, to the best
of my knowledge, based upon a review of the Quarterly Report on Form 10-Q of the
Company for the quarter ended December 31, 2004:

     (1)  The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company.

                                                      /s/ Bradford T. Ray
                                                      -------------------
                                                      Bradford T. Ray
                                                      Chief Executive Officer
                                                      Date: February 8, 2005

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                                  EXHIBIT 32.1


                    CERTIFICATION OF CHIEF FINANCIAL OFFICER
             PURSUANT TO TITLE 18, UNITED STATES CODE, SECTION 1350
      AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Title 18, United States Code,  Section 1350, as adopted  pursuant to
Section  906 of the  Sarbanes-Oxley  Act of 2002,  I,  Bradford  T.  Ray,  Chief
Executive Officer of Steel Technologies Inc., (the Company) certify, to the best
of my knowledge, based upon a review of the Quarterly Report on Form 10-Q of the
Company for the quarter ended December 31, 2004:

     (1)  The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company.

                                                      /s/ Joseph P. Bellino
                                                      ---------------------
                                                      Joseph P. Bellino
                                                      Chief Financial Officer
                                                      Date: February 8, 2005