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 June 30, 2003

                                       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

Indiate by check mark whether the Registrant is an accelerated filed (as defined
in Rule 12b-2 of the Act. Yes X No

There were 9,765,409 shares  outstanding of the Registrant's  common stock as of
July 31, 2003.



                                       1
<PAGE>





                             STEEL TECHNOLOGIES INC.

                                      INDEX



                                                                     Page Number
PART I.     FINANCIAL INFORMATION

Item 1. Financial Statements

        Condensed Consolidated Balance Sheets June 30, 2003
        (Unaudited) and September 30, 2002 (Audited) .................    3

        Condensed Consolidated Statements of Income and Comprehensive
        Income Three Months and Nine Months Ended June 30, 2003
        and 2002 (Unaudited) .........................................    4

        Condensed Consolidated Statements of Cash Flows
        Nine Months Ended June 30, 2003 and 2002 (Unaudited) .........    5

        Notes to Condensed Consolidated Financial Statements (Unaudited) 6-12

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations ........................................  13-18

Item 3. Quantitative and Qualitative Disclosures About Market
        Risk .........................................................   19

Item 4. Control and Procedures .......................................   19

Item 6. Exhibits and Reports on Form 8-K .............................   19

SIGNATURE ............................................................   19

Certifications ......................................................   20-21

Exhibit 99.1  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 99.2  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


                                       2
<PAGE>


                         Part I. - FINANCIAL INFORMATION
                          Item 1. Financial Statements

                             STEEL TECHNOLOGIES INC.
                      Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
                                                       June 30      September 30
                                                        2003            2002
                                                     -----------    ------------
(In thousands)                                       (Unaudited)      (Audited)
--------------------------------------------------------------------------------
<S>                                                   <C>             <C>
ASSETS
Current assets:
   Cash and cash equivalents ...................      $   4,462       $   2,127
   Trade accounts receivable, net ..............         71,797          74,000
   Inventories .................................         79,074          87,741
   Deferred income taxes .......................          1,646           1,841
   Prepaid expenses and other assets ...........          5,177           2,789
                                                      ---------       ---------
      Total current assets .....................        162,156         168,498

Property, plant and equipment, net .............        108,290         102,560

Investments in corporate joint ventures ........         17,250          16,590

Goodwill .......................................         18,148          18,148

Other assets ...................................          1,329           1,319
                                                      ---------       ---------
                                                      $ 307,173       $ 307,115
                                                      =========       =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable ............................      $  45,453       $  65,446
   Accrued liabilities .........................         12,228          12,922
   Income taxes payable ........................            -             2,158
   Long-term debt due within one year ..........          5,724           5,759
                                                      ---------       ---------
      Total current liabilities ................         63,405          86,285

Long-term debt .................................         92,680          74,900
Deferred income taxes ..........................         14,342          14,200
                                                      ---------       ---------
      Total liabilities ........................        170,427         175,385
                                                      ---------       ---------
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 sares:
    9,763,687 at June 30, 2003 and
    9,663,468 at September 30, 2002.............         20,336          18,733
   Treasury stock at cost:  2,573,953 shares at
    June 30, 2003 and 2,518,645 at September
    30, 2002....................................        (23,169)        (22,090)
   Additional paid-in capital ..................          5,103           4,909
   Retained earnings ...........................        138,675         133,869
   Accumulated other comprehensive loss ........         (4,199)         (3,691)
                                                      ---------       ---------
     Total shareholders' equity ................        136,746         131,730
                                                      ---------       ---------
                                                      $ 307,173       $ 307,115
                                                      =========       =========

</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>

(Amounts in thousands,                Three Months Ended     Nine Months Ended
except per share data, unaudited)           June 30               June 30
--------------------------------------------------------------------------------
                                        2003       2002       2003       2002
                                      ------------------------------------------
<S>                                   <C>        <C>        <C>        <C>
Sales ................................ $129,603   $128,037   $385,752  $344,316
Cost of goods sold ...................  120,368    111,801    351,586   303,862
                                       --------   --------   --------  --------
      Gross profit ...................    9,235     16,236     34,166    40,454

Selling, general and
   administrative expenses ...........    7,285      7,546     21,332    22,587
Equity in net income of unconsolidated
   corporate joint ventures ..........      294        443        704     1,326
                                       --------   --------   --------   --------
   Operating income ..................    2,244      9,133     13,538    19,193

Interest expense, net ................    1,155      1,093      3,703     3,816
Loss (gain) on disposals/writeoffs of
   property, plant and equipment .....       15         33        (87)     (223)
                                       --------   --------   --------   --------
   Income before income taxes ........    1,074      8,007      9,922    15,600

Provision for income taxes ...........      102      3,039      3,168     5,916
                                       --------   --------   --------   --------
   Net income ........................ $    972   $  4,968   $  6,754   $ 9,684
                                       ========   ========   ========   ========

Diluted weighted average number of
   common shares outstanding .........    9,866      9,679      9,904     9,910
                                       ========   ========   ========   ========

Diluted earnings per common share .... $   0.10   $   0.51   $   0.68   $  0.98
                                       ========   ========   ========   ========

Basic weighted average number of
   common shares outstanding .........    9,763      9,556      9,742     9,815
                                       ========   ========   ========   ========

Basic earnings per common share ...... $   0.10   $   0.52   $   0.69   $  0.99
                                       ========   ========   ========   ========

Cash dividends per common share ...... $   0.10   $   0.08   $   0.20   $  0.16
                                       ========   ========   ========   ========
</TABLE>

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

(In thousands)                        Three Months Ended     Nine Months Ended
(Unaudited)                                 June 30               June 30
---------------------------------------------------------------------------------
                                        2003       2002       2003       2002
                                      -------------------------------------------
<S>                                   <C>        <C>        <C>         <C>
Net income ........................... $    972   $  4,968   $  6,754   $ 9,684
  Foreign currency translation
        adjustment ...................    1,480     (1,457)      (827)   (1,263)
  Decrease (increase) in unrealized
        loss on cash flow hedges,
        net of taxes .................      140       (251)       319      (116)
                                       --------   ---------   --------  --------
Comprehensive income ................. $  2,592   $  3,260    $ 6,246   $ 8,305
                                       ========   =========   ========  ========
</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)                                               Nine Months Ended
(Unaudited)                                                       June 30
--------------------------------------------------------------------------------
                                                             2003       2002
                                                           ---------------------
<S>                                                       <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income ..........................................  $  6,754    $  9,684
   Adjustments to reconcile net income to net
   cash provided by operating activities:
       Depreciation ....................................    10,311      10,855
       Amortization ....................................        -          550
       Deferred income taxes ...........................       245         690
       Equity in net income of unconsolidated
         corporate joint ventures ......................      (704)     (1,326)
       Gain on disposals/writeoffs of property, plant
         and equipment..................................       (87)       (222)
       Increase (decrease) in cash resulting from
         changes in:
             Trade accounts receivable .................     3,924      (4,611)
             Inventories ...............................     9,501         830
             Prepaid expenses and other assets .........    (2,630)        (63)
             Accounts payable ..........................   (19,792)     10,336
             Accrued liabilities and income taxes ......    (1,985)      2,203
                                                          ---------   ---------
Net cash provided by operating activities ..............     5,537      28,926
                                                          ---------   ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Acquisition .........................................    (9,825)         -
   Purchases of property, plant and equipment ..........   (10,467)     (5,631)
   Proceeds from sale of property, plant and equipment .       591         865
   Distributions from unconsolidated corporate joint
      venture ..........................................        45          -
                                                          ---------   ---------
Net cash used in investing activities ..................   (19,656)     (4,766)
                                                          ---------   ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from long-term debt ........................    52,500      18,000
   Principal payments on long-term debt ................   (34,754)    (34,168)
   Cash dividends on common stock ......................    (1,949)     (1,577)
   Repurchase of common stock ..........................    (1,079)     (6,549)
   Net issuance of common stock ........................     1,602         183
   Other ...............................................       175         175
                                                          ---------   ---------
Net cash provided by (used in) financing activities ....    16,495     (23,936)
                                                          ---------   ---------
Effect of exchange rate changes on cash ................       (41)       (130)
                                                          ---------   ---------
Net increase in cash and cash equivalents ..............     2,335          94
Cash and cash equivalents, beginning of year ...........     2,127       3,380
                                                          ---------   ---------
Cash and cash equivalents, end of period ...............  $  4,462    $  3,474
                                                          =========   =========
Supplemental Cash Flow Disclosures:
  Cash payment for interest ............................  $  3,714    $  4,087
  Cash payment for income taxes ........................  $  5,525    $  4,419

Supplemental Schedule of Noncash Investing and Financing
  Activities:

    Fair value of assets acquired ......................  $  9,845    $     -
    Liabilities assumed.................................  $     20    $     -
                                                          --------    --------
    Net cash paid.......................................  $  9,825    $     -
                                                          ========    ========

</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 June 30, 2003 and the condensed
consolidated  statements  of income and  comprehensive  income for the three and
nine months ended June 30, 2003 and 2002, and condensed  consolidated cash flows
for the nine  months  ended  June 30,  2003 and 2002 have been  prepared  by 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 at June 30, 2003 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  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, 2002.  The results of operations  for the nine months ended
June 30, 2003 are not  necessarily  indicative of the operating  results for the
full year.

2.  ACQUISITION

On March 7, 2003 the Company  completed the purchase of certain assets from Cold
Metal  Products  Company,  Inc.  (Cold Metal  Products)  as approved by the U.S.
Bankruptcy   Court  in  Youngstown,   Ohio.  The  purchase  price  consisted  of
approximately   $9,825,000  and  the  assumption  of  approximately  $20,000  of
liabilities.  The assets  purchased  included  land,  building and certain steel
processing equipment at the Ottawa, Ohio facility,  certain equipment located in
Indianapolis,  Indiana and  selected  inventory  and  accounts  receivable.  The
Company financed the acquisition with its existing credit facility.

The acquisition has been recorded under the purchase method of accounting,  with
the operating  results being  included in the Company's  condensed  consolidated
financial statements since the date of acquisition.  The following unaudited pro
forma  consolidated   results  of  operations  have  been  prepared  as  if  the
acquisition  of the assets of Cold Metal  Products  had  occurred  at October 1,
2001.

<TABLE>
<CAPTION>
(Unaudited)
(In thousands except per share data)

                                 Three Months Ended       Nine Months Ended
                                      June 30                 June 30
                                  2003        2002        2003        2002
                                --------    --------    --------    --------
<S>                            <C>          <C>         <C>         <C>
Sales ......................... $129,603    $139,089    $397,416    $373,456
Net income .................... $    972    $  5,146    $  6,641    $ 10,111
Diluted net income per share .. $   0.10    $   0.53    $   0.67    $   1.02
Basic net income per share .... $   0.10    $   0.54    $   0.68    $   1.03
</TABLE>

This  unaudited pro forma  information is presented for  informational  purposes
only and is not necessarily indicative of future operating results.

                                       6
<PAGE>

3.  INVENTORIES:

<TABLE>
<CAPTION>
Inventory consists of:
                                                       June 30    September 30
                                                         2003          2002
                                                     -----------   ------------
(In thousands)                                        Unaudited      Audited
-------------------------------------------------------------------------------
<S>                                                 <C>           <C>
Raw materials ....................................   $   53,048   $   66,535
Finished goods and work in process ...............       26,026       21,206
                                                     ----------   ----------
                                                     $   79,074   $   87,741
                                                     ==========   ==========
</TABLE>

4.  LONG-TERM DEBT

During the first quarter of fiscal 2003, the Company  extended the maturity date
of its  existing  bank line of credit to August 31,  2005.  In April  2003,  the
Company reached an agreement with its bank group to increase  availability under
its unsecured line of credit from $125,000,000 to $151,000,000.

5.  STOCK OPTIONS

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation - Transition and Disclosure." SFAS 148 provides alternative methods
of  transition  for a  voluntary  change  to the  fair  value  based  method  of
accounting for  stock-based  employee  compensation.  In addition,  SFAS No. 148
amends the disclosure  requirements of SFAS No. 123, "Accounting for Stock-Based
Compensation,"  to require more prominent and frequent  disclosures in financial
statement about the effects of stock-based compensation. The transition guidance
and annual disclosure  provisions of SFAS No. 148 are effective for fiscal years
ending after  December 15, 2002,  while the interim  disclosure  provisions  are
effective for periods beginning after December 15, 2002.

At June 30,  2003,  the Company  had  stock-based  compensation  plans which are
described  more  fully  in  Note  11 of the  consolidated  financial  statements
included  in the  Company's  annual  report to  stockholders  for the year ended
September  30, 2002.  As  permitted  by SFAS No. 123,  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  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 increased for the three and nine months ended June 30, 2003 and 2002 to the
pro forma  amounts  which  follow  (in  thousands  except  per share  data).


                                      7

<PAGE>

<TABLE>
<CAPTION>
                                          Three Months Ended  Nine Months Ended
(In thousands except per share data)            June 30            June 30
-------------------------------------------------------------------------------
(Unaudited)                                    2003     2002     2003    2002
                                              ------   ------   ------  ------
<S>                                           <C>      <C>      <C>     <C>
Net income - as reported                      $  972   $4,968   $6,754  $9,684
Total stock-based employee compensation
   expense (benefit)determined under
   fair value method for all awards,
   net of taxes                                   26       49       89     (59)
                                              ------   ------   ------  ------
Net income - pro forma                        $  946   $4,919   $6,665  $9,743
                                              ======   ======   ======  ======

Diluted net income per share - as reported    $ 0.10   $ 0.51   $ 0.68  $ 0.98
Diluted net income per share - pro forma      $ 0.10   $ 0.51   $ 0.67  $ 0.99
Basic net income per share - as reported      $ 0.10   $ 0.52   $ 0.69  $ 0.99
Basic net income per share - pro forma        $ 0.10   $ 0.51   $ 0.68  $ 0.99
</TABLE>

6.  NET INCOME PER SHARE COMPUTATIONS:

The following is a  reconciliation  of the  denominator of the basic and diluted
per share computations:

<TABLE>
<CAPTION>

                                                          Three Months Ended
(In thousands, except per share results)                        June 30
-----------------------------------------------------------------------------
(Unaudited)                                                 2003      2002
                                                          -------------------
<S>                                                       <C>       <C>
Net income .............................................. $   972   $ 4,968
                                                          -------   --------
Shares (denominator) used for
  diluted per share computations:
    Weighted average shares of common stock outstanding .   9,763     9,556
    Plus: dilutive effect of stock options ..............     103       123
                                                          -------   --------
       Diluted weighted average shares...................   9,866     9,679
                                                          -------   --------
Shares (denominator) used for
  basic per share computations:
    Weighted average shares of common stock outstanding .   9,763     9,556
                                                          -------   --------

Net income per share data:
    Diluted ............................................. $ 0.10     $ 0.51
                                                          =======   =======
    Basic ............................................... # 0.10     $ 0.52
                                                          =======   =======
</TABLE>
                                      8

<PAGE>

<TABLE>
<CAPTION>
                                                           Nine Months Ended
(In thousands, except per share results)                        June 30
----------------------------------------------------------------------------
(Unaudited)                                                 2002      2001
                                                          ------------------
<S>                                                       <C>       <C>
Net income .............................................. $ 6,754   $ 9,684
                                                          -------   -------
Shares (denominator) used for
  diluted per share computations:
    Weighted average shares of common stock outstanding .   9,742     9,815
    Plus: dilutive effect of stock options ..............     162        95
                                                          -------   -------
       Diluted weighted average shares...................   9,904     9,910
                                                          -------   -------
Shares (denominator) used for
  basic per share computations:
    Weighted average shares of common stock outstanding .   9,742     9,815
                                                          -------   -------

Net income per share data:
    Diluted ............................................. $  0.68   $  0.98
                                                          =======   ========
    Basic ............................................... $  0.69   $  0.99
                                                          =======   ========

</TABLE>

Options to purchase 196,000 shares were excluded from the calculations above for
the three months ended June 30, 2003 because the exercise prices on the options
were greater than the average  market  price of the  Company's  stock during the
periods.  Options to purchase 301,000 shares were excluded from the calculations
above for the three and nine  months  ended June 30, 2002  because the  exercise
prices  on the  options  were  greater  than  the  average  market  price of the
Company's stock during the periods.

7.  GOODWILL

The Company adopted Statement of Financial Accounting Standard No. 142 (SFAS No.
142),  "Goodwill and Other Intangible  Assets"  effective October 1, 2002. Under
SFAS No.  142,  goodwill  is no longer  amortized  but is tested for  impairment
annually using a fair-value  based  approach.  During the quarter ended December
31, 2002, the Company  performed the initial  impairment test of goodwill and no
impairments were indicated.


                                       9

<PAGE>

The following  table adjusts  reported net income and earnings per share for the
three and nine months ended June 30, 2003 and 2002 to exclude  amortization  of
goodwill:

<TABLE>
<CAPTION>

                                                            Three Months Ended
(In thousands, except per share results)                         June 30
--------------------------------------------------------------------------------
(Unaudited)                                                   2003        2002
                                                          ----------------------
<S>                                                       <C>         <C>
Net income as reported.................................   $     972   $   4,968
Add back amortization of goodwill......................         -           183
                                                          ---------   ---------
Adjusted net income....................................   $     972   $   5,151
                                                          ---------   ---------

Earnings per common share as reported - diluted........   $    0.10   $    0.51
Add back amortization of goodwill......................         -          0.02
                                                          ---------   ---------
Adjusted earnings per common share - diluted...........   $    0.10   $    0.53
                                                          ---------   ---------

Earnings per common share as reported - basic..........   $    0.10   $    0.52
Add back amortization of goodwill......................         -          0.02
                                                          ---------   ---------
Adjusted earnings per common share - basic.............   $    0.10   $    0.54
                                                          ---------   ---------
</TABLE>


<TABLE>
<CAPTION>

                                                             Nine Months Ended
(In thousands, except per share results)                         June 30
--------------------------------------------------------------------------------
(Unaudited)                                                   2003        2002
                                                          ----------------------
<S>                                                       <C>         <C>
Net income as reported.................................   $   6,754   $   9,684
Add back amortization of goodwill......................         -           550
                                                          ---------   ---------
Adjusted net income....................................   $   6,754   $  10,234
                                                          ---------   ---------

Earnings per common share as reported - diluted........   $    0.68   $    0.98
Add back amortization of goodwill......................         -          0.05
                                                          ---------   ---------
Adjusted earnings per common share - diluted...........   $    0.68   $    1.03
                                                          ---------   ---------

Earnings per common share as reported - basic..........   $    0.69   $    0.99
Add back amortization of goodwill......................         -          0.05
                                                          ---------   ---------
Adjusted earnings per common share - basic.............   $    0.69   $    1.04
                                                          ---------   ---------
</TABLE>

8.  RELATED PARTIES

Summarized  condensed  income  statement  information  of  Mi-Tech  Steel,  Inc.
(Mi-Tech),  a fifty percent owned corporate  joint venture  accounted for by the
equity method, follows:
<TABLE>
<CAPTION>

(In Thousands)          Three Months Ended            Nine Months Ended
(Unaudited)                  June 30                       June 30
-----------------      ---------------------      -----------------------
                          2003         2002          2003           2002
                          ----         ----          ----           ----
<S>                    <C>          <C>           <C>            <C>
Sales                  $35,904      $38,187       $100,144       $108,048
Net Income                 439          736          1,000          2,336
</TABLE>

The Company has various  transactions with Mi-Tech Steel.  Included in operating
income of the Company  are  management  fees and equity  from the joint  venture


                                       10
<PAGE>

earnings totaling $404,000 and $542,000 for the quarters ended June 30, 2003 and
2002, respectively.  The Company's equity in undistributed net income of Mi-Tech
Steel was $6,131,000 and $5,492,000 at June 30, 2003 and 2002, respectively.

During the third  quarter  and first nine  months of fiscal  2003,  the  Company
recorded sales of $1,733,000 and $4,813,000,  respectively, for products sold to
a company  owned by an officer and director of the Company  compared to sales of
$1,334,000 and $3,098,000, respectively, during the third quarter and first nine
months of fiscal 2002. Accounts  receivable from the aforementioned  company was
$1,131,000  and  $1,029,000  as  of  June  30,  2003  and  September  30,  2002,
respectively.  The Company believes these transactions are in the best interests
of the Company and the terms and  conditions  of these  transactions  are in the
aggregate not materially more favorable or unfavorable to the Company than would
be  obtained  on an arm's  length  basis  from  unaffiliated  parties.  See also
information  contained under "Certain  Transactions" in the Company's 2003 Proxy
Statement.

9.       IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In  October  2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement of Financial  Accounting Standards (SFAS) No. 144, "Accounting for the
Impairment or Disposal of Long-Lived  Assets".  SFAS No. 144 addresses financial
accounting and reporting for the impairment or disposal of long-lived assets and
supercedes  SFAS  No.  121  and  the  accounting  and  reporting  provisions  of
Accounting   Principles  Board  Opinion  No.  30,   "Reporting  the  Results  of
Operations,  Reporting  the Effects of Disposal of a Segment of a Business,  and
Extraordinary,  Unusual and Infrequently Occurring Events and Transactions," for
the disposal of a segment of a business (as previously defined in that Opinion).
SFAS No. 121 also amends  Accounting  Research  Bulletin  No. 51,  "Consolidated
Financial  Statements,"  to  eliminate  the  exception  to  consolidation  for a
subsidiary for which control is likely to be temporary. The Company adopted SFAS
No.  144 on  October  1, 2002 and the  adoption  of SFAS No.  144 did not have a
material  impact  on the  Company's  results  of  operations  or  its  financial
position.

In June 2002,  the FASB issued SFAS No.  146,  "Accounting  for Exit or Disposal
Activities." SFAS No. 146 addresses the recognition,  measurement, and reporting
of costs  that are  associated  with  exit and  disposal  activities,  including
certain  lease  termination  costs and  severance-type  costs  under a  one-time
benefit  arrangement rather than an ongoing benefit arrangement or an individual
deferred-compensation  contract.  SFAS No. 146 requires  liabilities  associated
with exit or disposal  activities to be expensed as incurred and will impact the
timing of recognition  for exit or disposal  activities that are initiated after
December 31, 2002. The Company adopted the provisions of SFAS No. 146 during the
quarter  ended  March 31,  2003 and the  adoption of SFAS No. 146 did not have a
material  impact  on the  Company's  results  of  operations  or  its  financial
position.

In  November  2002,  the FASB issued FASB  Interpretation  No. 45,  "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees of Indebtedness of Others,  an  interpretation of FASB Statements No.
5, 57, and 107 and Rescission of FASB  Interpretation  No. 34," (FIN 45). FIN 45
requires  that upon  issuance  of a  guarantee,  the  entity  must  recognize  a
liability for the fair value of the obligation it assumes under that  guarantee.
FIN 45 requires  disclosure  about each  guarantee even if the likelihood of the
guarantor's  having to make any  payments  under the  guarantee  is remote.  The
provisions  for  initial   recognition   and  measurement  are  effective  on  a
prospective  basis for guarantees that are issued or modified after December 31,
2002.  The  adoption  of the  recognition  provision  of FIN 45 did  not  have a
material impact on our financial position, results of operations or cash flows.

                                       11
<PAGE>


In January  2003,  the FASB  issued  Interpretation  No. 46,  "Consolidation  of
Variable Interest Entities,  an interpretation of ARB 51" (FIN 46). The primary
objectives of FIN 46 are to provide guidance on the  identification  of entities
for which  control is achieved  through  means other than  through  voting right
(variable  interest  entities,  or VIEs)  and how to  determine  when and which
business enterprise should consolidate the VIE (the primary  beneficiary).  The
provisions  of FIN 46 are effective  immediately  for VIEs created after January
31,  2003 and no later than July 1, 2003 for VIEs  created  before  February  1,
2003.  In addition,  FIN 46 requires that both the primary  beneficiary  and all
other   enterprises  with  a  significant   variable  interest  make  additional
disclosure  in filings  issued  after  January 31,  2003.  The Company is in the
process of  evaluating  the effect of FIN 46 but does not expect its adoption to
have a material impact on our financial position,  results of operations or cash
flows.

The FASB also recently  issued SFAS No. 150  "Accounting  for Certain  Financial
Instruments with  Characteristics  of Both Liabilities and Equity." SFAS No. 150
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with characteristics of both liabilities and equity. This
Standard requires that certain freestanding  financial instruments be classified
as  liabilities,   including  mandatorily   redeemable  financial   instruments,
obligations to repurchase the issuer's equity shares by transferring  assets and
certain obligations to issue a variable number of shares. The provisions of SFAS
No. 150 are  effective  immediately  for financial  instruments  entered into or
modified subsequent to May 31, 2003 and no later than July 1, 2003 for financial
instruments  entered into prior to June 1, 2003. The Company does not expect the
adoption of SFAS No. 150 will have a material impact on our financial  position,
results of operations or cash flows.





                                      12
<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, general business and economic conditions; cyclicality of demand in the steel
industry,  specifically  in the  automotive  market;  work  stoppages;  risks of
business interruptions affecting automotive  manufacturers;  competitive factors
such as pricing and availability of steel; reliance on key customers; ability to
integrate  acquisitions;  and  potential  equipment  malfunctions.  Readers  are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date  hereof.  The  Company  undertakes  no  obligation  to
republish  revised  forward-looking  statements  to reflect  the  occurrence  of
unanticipated events or circumstances after the date hereof.

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

The Company's  discussion and analysis of its financial condition and results of
operations  are  based  upon  the  Company's  condensed  consolidated  financial
statements,  which 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, the Company monitors
and evaluates its estimates and assumptions.

The Company believes the following critical  accounting policies affect its more
significant  judgments and estimates used in the preparation of its consolidated
financial statements and the consolidated financial statements of Mi-Tech Steel,
Inc.

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

     The Company  maintains an allowance  for  doubtful  accounts for  estimated
     losses  resulting  from the  inability of its  customers  to make  required
     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,  recoveries and credit
     losses;  the  monitoring  of  portfolio  credit  quality;  and  current and
     projected economic and market conditions. If the financial condition of the
     Company's customers were to deteriorate,  resulting in an impairment of the
     ability to make payments, additional allowances may be required.

     Impairment of Long-Lived Assets
     -------------------------------

     The  Company  reviews  the  carrying  value of its  long-lived  assets  and
     goodwill  for  impairment  whenever  changes  in events  and  circumstances
     indicate  that the  carrying  amount of the assets may not be  recoverable.
     Goodwill is also  required to be assessed  annually for  impairment.  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.


                                       13
<PAGE>

     Future changes in  circumstances,  cash flow estimates and fair value could
     affect the valuations.


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

Steel Technologies posted sales of $129,603,000 for the third quarter ended June
30, 2003,  an increase of 1% from sales of  $128,037,000  for the third  quarter
ended June 30, 2002. Tons shipped of  Company-owned  steel products in the third
quarter of fiscal 2003 decreased  approximately 9% compared to the third quarter
of fiscal 2002 while the average selling price of  Company-owned  steel products
for the  third  quarter  of fiscal  2003  increased  approximately  10% from the
previous year.

Sales for the nine months ended June 30, 2003  increased by 12% to  $385,752,000
compared to  $344,316,000  for the nine months ended June 30, 2002. Tons shipped
in the first nine months of fiscal 2003  decreased 1% compared to the first nine
months of fiscal 2002. Average selling prices of steel for the first nine months
of fiscal 2003 increased approximately 13% as compared to the previous year.

The  Company  focuses  significant  resources  on the  automotive  industry  and
generates a major portion of business from selling manufacturing component parts
to the automotive industry. Year-to-date production levels in the North American
automotive  industry have decreased  approximately  5% in 2003 compared to 2002,
which has  adversely  impacted  the  Company's  sales.  The Company  attempts to
increase  market  share  utilizing  its network of  resources  by  developing  a
substantial amount of new business with both existing and new customers.

The gross profit margin was 7.1% in the third quarter of fiscal 2003 compared to
12.7% in the third  quarter of fiscal 2002.  For the first nine months of fiscal
2003 and 2002,  the gross profit  margin was 8.9% and 11.7%,  respectively.  The
decrease in gross profit margin is a result of higher priced inventory  acquired
in the first half of fiscal 2003 which was not fully  offset by price  increases
to customers,  and lower volume spread over certain fixed manufacturing expenses
which  adversely  impacted  production  cost  efficiencies.  The Company expects
average raw material  costs in fiscal 2003 to exceed  average raw material costs
in fiscal 2002 and as a result gross  profits in 2003 to be below those in 2002.
In general,  production  cost  efficiencies  and product  mix  improvements  may
positively impact gross margins and somewhat offset rising raw material costs.

Selling,  general  and  administrative  costs  for the third  quarter  decreased
approximately  3.5% from the comparable  quarter of fiscal 2002. As a percentage
of sales these costs  declined to 5.6% of sales for the third  quarter of fiscal
2003 as compared to 5.9% for the third quarter of fiscal 2002. Selling,  general
and  administrative  expenses for the first nine months of fiscal 2003 decreased
5.6% from the comparable  nine months ended June 30, 2002 and as a percentage of
sales  decreased to 5.5% in fiscal 2003 from 6.6% in fiscal  2002.  The decrease
was primarily attributable to the reduction of goodwill amortization as a result
of adopting FAS 142 (see Note 7 of the Company's Notes to Condensed Consolidated
Financial  Statements),  the write-off of unamortized loan costs relating to two
industrial  revenue  bonds  issued in Maryland  and  Missouri  that were retired
before their scheduled  maturity in fiscal 2002 and the continued efforts by the
Company to manage the level at which selling,  general and administrative  costs



                                       14
<PAGE>

are added to its cost  structure.  These decreases were offset by an increase in
bad debt expense from the Company's Mexican operations.

The Company's share of income from its joint venture operations was $294,000 and
$443,000,  respectively for the third quarters ended June 30, 2003 and 2002. For
the nine  months of fiscal 2003 and fiscal  2002 the  Company's  share of income
from its joint venture  operations  was $704,000 and  $1,326,000,  respectively.
Mi-Tech  Steel's  earnings have declined as a result of higher priced  inventory
which was not fully offset by price  increases  to  customers,  lower  operating
levels and  pre-operation  expenses  incurred  in  connection  with its  Canton,
Mississippi  and Decatur,  Alabama steel  processing  operations.  Management of
Mi-Tech  Steel  expects  average  raw  material  costs in fiscal  2003 to exceed
average raw material costs in fiscal 2002.

Net  interest  expense  for the  third  quarter  of fiscal  2003 was  $1,155,000
compared  to  $1,093,000  for the third  quarter of fiscal  2002.  Net  interest
expense for the quarter increased primarily because of higher average borrowings
despite  the fact that  interest  rates are lower than last year.  Net  interest
expense for the first nine months of fiscal  2003 and 2002 were  $3,703,000  and
$3,816,000,  respectively. Interest rates were lower in the first nine months of
fiscal 2003 as compared to the first nine months of fiscal 2002.

The Company's effective income tax rate was approximately 9.5% and 31.9% for the
third  quarter and nine months  ended June 30, 2003,  respectively,  compared to
38.0% and 37.9% for the third  quarter  and nine  months  ended  June 30,  2002,
respectively.  During  fiscal 2003,  the Company  recorded an income tax benefit
attributable  to  state  and  foreign  income  tax  apportionment  that was more
favorable than originally  estimated and recognized a non-recurring state income
tax benefit.  Excluding the  aforementioned  items and  non-deductible  goodwill
amortization expense of approximately  $183,000 and $550,000 recorded during the
third  quarter and nine months of fiscal 2002,  respectively  (see Note 7 of the
Company's Notes to Condensed Consolidated  Financial Statements),  the effective
income tax rate is 32.6% and 37.1% for the third quarter ended June 30, 2003 and
2002, respectively,  and 36.4% and 36.6% for the nine months ended June 30, 2003
and 2002, respectively.



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

As of June 30, 2003,  Steel  Technologies  had  $98,751,000 of working  capital,
maintained a current ratio of 2.6:1 and had total debt at 42% of capitalization.
The Company continues to manage the levels of accounts  receivable,  inventories
and other  working  capital  items in  relation  to the  trends in sales and the
overall market. During fiscal 2003, the Company decreased inventory but this was
more than offset by improved payment days to its suppliers. This working capital
increase of  $16,538,000  since  September 30, 2002 has been financed  primarily
through  borrowings  from the Company's line of credit  facility.  These primary
factors  contributed  significantly  to  the  $5,537,000  of  cash  provided  by
operating  activities  during the first nine months of fiscal  2003  compared to
cash provided by operating  activities of $28,926,000  for the first nine months
of fiscal 2002.

Capital   expenditures  for  the  first  nine  months  of  fiscal  2003  totaled
approximately  $10,467,000.  The major  expenditures  were for various  capacity
expansion projects.  Steel Technologies  continues to expand production capacity



                                       15
<PAGE>

and  processing  facilities to serve the growing needs of customers.  For fiscal
2003,  the  capital  additions  to all  facilities  excluding  acquisitions  are
expected to approximate $15,000,000.

On March 7, 2003 the Company  completed the purchase of certain assets from Cold
Metal  Products  Company,  Inc.  (Cold Metal  Products)  as approved by the U.S.
Bankruptcy   Court  in  Youngstown,   Ohio.  The  purchase  price  consisted  of
approximately   $9,825,000  and  the  assumption  of  approximately  $20,000  of
liabilities.  The assets  purchased  included  land,  building and certain steel
processing equipment at the Ottawa, Ohio facility,  certain equipment located in
Indianapolis,  Indiana,  and selected  inventory  and accounts  receivable.  The
Company financed the acquisition with its existing credit facility.

Steel Technologies  maintains an equity investment of approximately  $18,845,000
in its 90%-owned  Mexican  subsidiary.  Additional  investments in the Company's
Mexican operations, if required, would be financed with available funds from the
Company's bank line of credit.

The translation of the financial  statements of the Company's Mexican subsidiary
from local  currencies  to the U.S.  dollar  subjects  the  Company 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.
Management  does not consider its exposure to exchange rate risks to be material
and considers the Mexican peso a relatively  stable  currency.  The Company does
not typically manage its related foreign currency exchange rate risk through the
use of financial  instruments.  Foreign  currency  transaction  losses  recorded
during the third  quarter of fiscal  2003 were  $422,000  compared  to a gain of
$412,000 during the third quarter of fiscal 2002.  Foreign currency  transaction
gains  recorded  during  the first  nine  months  of  fiscal  2003 and 2002 were
$194,000  and  $284,000,   respectively.  The  Company  expects  a  more  stable
relationship  between the U.S. dollar and Mexican peso during the fourth quarter
of fiscal 2003.

The  Company  maintains  a 50% equity  investment  in  Mi-Tech  and a 49% equity
investment in Ferrolux Metals Co., LLC. Additional equity, if required, would be
financed with available funds from the Company's bank line of credit.

During the first quarter of fiscal 2003, the Company  extended the maturity date
of its bank line of credit  to August  31,  2005.  In April  2003,  the  Company
reached an  agreement  with its bank group to  increase  availability  under its
unsecured line of credit from $125,000,000 to $151,000,000. The credit agreement
has various  variable  options on the interest  rate,  none of which are greater
than the bank's prime. At June 30, 2003,  there was  $87,000,000  outstanding on
the credit facility.

The Company has  $11,400,000  outstanding  at June 30, 2003 on the ten-year note
which requires annual  principal  payments of approximately  $5,700,000  through
March 2005.  During the first nine months of fiscal 2003,  the Company  borrowed
$52,500,000 on its line of credit facility and repaid $34,754,000 on its line of
credit facility and ten-year note.

Provisions  contained  in the  Company's  various  debt  agreements  require the
Company to maintain  specified levels of net worth,  maintain certain  financial
ratios and limit the addition of substantial  debt. The Company's line of credit
agreement  and private  placement  note contain  cross-default  provisions  with
respect to the line of credit agreement and private  placement note. The Company
is in compliance  with all of its loan  covenants,  and none of these  covenants
would  restrict the  completion of currently  planned  capital  expenditures  or
acquisitions.


                                       16
<PAGE>


Cash flows from operations and available borrowing  capabilities are expected to
meet the needs of the Company  throughout fiscal 2003. Any additional funds will
be used  for  growth,  including  strategic  acquisitions,  investment  in joint
ventures,  construction of new plant capacity,  and investment in production and
processing capabilities.  The form of such financing may vary depending upon the
prevailing  market and related  conditions,  and may include  short or long-term
borrowings or the issuance of debt or equity  securities.  Operating  cash flows
are  somewhat  influenced  by  cyclicality  of  demand  in the  steel  industry,
especially in the automotive market.

At this time, the Company has no other known material  obligations,  commitments
or demands that must be met beyond the next twelve months.

Steel Technologies believes all manufacturing  facilities are in compliance with
applicable  federal  and state  environmental  regulations.  The  Company is not
presently aware of any fact or circumstance, which would require the expenditure
of material amounts for environmental compliance.

Related Party Transactions
--------------------------
The Company has various  transactions  with Mi-Tech  Steel as well as sales to a
company  owned by an officer  and  director  of the  Company  (see Note 8 of the
Company's Notes to Condensed Consolidated Financial Statements).

Recently Issued Accounting Pronouncements
-----------------------------------------
In  October  2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement of Financial  Accounting Standards (SFAS) No. 144, "Accounting for the
Impairment or Disposal of Long-Lived  Assets".  SFAS No. 144 addresses financial
accounting and reporting for the impairment or disposal of long-lived assets and
supercedes  SFAS  No.  121  and  the  accounting  and  reporting  provisions  of
Accounting   Principles  Board  Opinion  No.  30,   "Reporting  the  Results  of
Operations,  Reporting  the Effects of Disposal of a Segment of a Business,  and
Extraordinary,  Unusual and Infrequently Occurring Events and Transactions," for
the disposal of a segment of a business (as previously defined in that Opinion).
SFAS No. 121 also amends  Accounting  Research  Bulletin  No. 51,  "Consolidated
Financial  Statements,"  to  eliminate  the  exception  to  consolidation  for a
subsidiary for which control is likely to be temporary. The Company adopted SFAS
No.  144 on  October  1, 2002 and the  adoption  of SFAS No.  144 did not have a
material  impact  on the  Company's  results  of  operations  or  its  financial
position.

                                       17

<PAGE>

In June 2002,  the FASB issued SFAS No.  146,  "Accounting  for Exit or Disposal
Activities." SFAS No. 146 addresses the recognition,  measurement, and reporting
of costs  that are  associated  with  exit and  disposal  activities,  including
certain  lease  termination  costs and  severance-type  costs  under a  one-time
benefit  arrangement rather than an ongoing benefit arrangement or an individual
deferred-compensation  contract.  SFAS No. 146 requires  liabilities  associated
with exit or disposal  activities to be expensed as incurred and will impact the
timing of recognition  for exit or disposal  activities that are initiated after
December 31, 2002. The Company adopted the provisions of SFAS No. 146 during the
quarter  ended  March 31,  2003 and the  adoption of SFAS No. 146 did not have a
material  impact  on the  Company's  results  of  operations  or  its  financial
position.

In  November  2002,  the FASB issued FASB  Interpretation  No. 45,  "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees of Indebtedness of Others,  an  interpretation of FASB Statements No.
5, 57, and 107 and Rescission of FASB  Interpretation No. 34," (FIN 45). FIN 45
requires  that upon  issuance  of a  guarantee,  the  entity  must  recognize  a
liability for the fair value of the obligation it assumes under that  guarantee.
FIN 45 requires  disclosure  about each guarantee even if the likelihood of the
guarantor's  having to make any payments  under the  guarantee  is remote.  The
provisions  for  initial   recognition   and  measurement  are  effective  on  a
prospective  basis for guarantees that are issued or modified after December 31,
2002.  The  adoption  of the  recognition  provision  of FIN 45 did  not  have a
material impact on our financial position, results of operations or cash flows.

In January  2003,  the FASB  issued  Interpretation  No. 46,  "Consolidation  of
Variable Interest Entities,  an interpretation of ARB 51" (FIN 46). The primary
objectives of FIN 46 are to provide guidance on the  identification  of entities
for which  control is achieved  through  means other than  through  voting right
(variable  interest  entities,  or VIEs)  and how to  determine  when and which
business enterprise should consolidate the VIE (the primary  beneficiary).  The
provisions  of FIN 46 are effective  immediately  for VIEs created after January
31,  2003 and no later than July 1, 2003 for VIEs  created  before  February  1,
2003.  In addition,  FIN 46 requires that both the primary  beneficiary  and all
other   enterprises  with  a  significant   variable  interest  make  additional
disclosure  in filings  issued  after  January 31,  2003.  The Company is in the
process of  evaluating  the effect of FIN 46 but does not expect its adoption to
have a material impact on our financial position,  results of operations or cash
flows.

The FASB also recently  issued SFAS No. 150  "Accounting  for Certain  Financial
Instruments with  Characteristics  of Both Liabilities and Equity." SFAS No. 150
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with characteristics of both liabilities and equity. This
Standard requires that certain freestanding  financial instruments be classified
as  liabilities,   including  mandatorily   redeemable  financial   instruments,
obligations to repurchase the issuer's equity shares by transferring  assets and
certain obligations to issue a variable number of shares. The provisions of SFAS
No. 150 are  effective  immediately  for financial  instruments  entered into or
modified subsequent to May 31, 2003 and no later than July 1, 2003 for financial
instruments  entered into prior to June 1, 2003. The Company does not expect the
adoption of SFAS No. 150 will have a material impact on our financial  position,
results of operations or cash flows.


                                       18

<PAGE>
       Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material  change  during the first nine months  ended June 30,
2003 from the  disclosures  about market risk provided in the  Company's  Annual
Report on Form 10-K for the year ended September 30, 2002.


                         Item 4. Controls and Procedures

Within 90 days prior to the filing date of this  report,  management,  including
the Company's Chief Executive Officer and Chief Financial Officer, evaluated the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures  with  respect  to the  information  generated  for  use in this
Quarterly Report on Form 10-Q.  Based upon that evaluation,  the Company's 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 the Company, including
its consolidated subsidiaries.

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their   evaluation  or  any  corrective   actions  with  regard  to  significant
deficiencies or material weaknesses.


                    Item 6. Exhibits and Reports on Form 8-K

Exhibits filed with this report are attached hereto.

On July 24, 2003,  the Company filed a current  report on Form 8-K under Item 9,
pursuant to Item 12,  concerning the issuance of the press release reporting its
financial results for the third quarter ended June 30, 2003.


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 August 5, 2003


                                      19
<PAGE>


                                 CERTIFICATIONS
I, Bradford T. Ray, certify that:

1. I have  reviewed  this  quarterly  report on Form 10-Q of Steel  Technologies
Inc.;

2. Based on my  knowledge,  this  quarterly  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 quarterly
report;

3. Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  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 quarterly 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-14 and 15d-14) for the  registrant  and have:

     a) designed such disclosure controls and procedures 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  quarterly  report is being
     prepared;

     b) evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     c)  presented  in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

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

     a) all  significant  deficiencies  in the design or  operation  of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud,  whether or not material,  that involves  management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: August 5, 2003

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

                                       20
<PAGE>

I, Joseph P. Bellino, certify that:

1. I have  reviewed  this  quarterly  report on Form 10-Q of Steel  Technologies
Inc.;

2. Based on my  knowledge,  this  quarterly  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 quarterly
report;

3. Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  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 quarterly 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-14 and 15d-14) for the  registrant  and have:

     a) designed such disclosure controls and procedures 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  quarterly  report is being
     prepared;

     b) evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     c)  presented  in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

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

     a) all  significant  deficiencies  in the design or  operation  of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud,  whether or not material,  that involves  management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: August 5, 2003

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

                                       21
<PAGE>

                                  EXHIBIT 99.1
                    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 period ended June 30, 2003:

     (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: August 5, 2003

<PAGE>


                                  EXHIBIT 99.2
                    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

Pursuant to Title 18, United States Code,  Section 1350,  as adopted pursuant to
Section 906  of the  Sarbanes-Oxley  Act of 2002,  I, Joseph P.  Bellino,  Chief
Financial 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 period ended June  30, 2003:

     (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: August 5, 2003