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 March 31, 1998

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)

                                                                   
(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      

There were 11,978,830 shares outstanding of the Registrant's common stock as
of April 30, 1998.


STEEL TECHNOLOGIES INC.

INDEX                                                     Page Number
PART I.
FINANCIAL INFORMATION
   

Item 1.
Financial Statements

Condensed Consolidated Balance Sheets
March 31, 1998 (Unaudited) and September 30, 1997 
(Audited)                                                         3

Condensed Consolidated Statements of Income
Three months and six months ended March 31, 1998 
and 1997 (Unaudited)                                              4

Condensed Consolidated Statements of Cash Flows
Six months ended March 31, 1998 and 1997 
(Unaudited)                                                       5

Notes to Condensed Consolidated Financial 
Statements (Unaudited)                                            6-9

Item 2.
Management's Discussion and Analysis of Financial 
Condition and Results of Operations                               9-12


Item 3.
Quantitative and Qualitative Disclosures About Market             
Risk                                                              13


PART II.
OTHER INFORMATION


Item 4.
Submission of Matters to a Vote of Security Holders               13


Item 6.
Exhibits and Reports on Form 8-K                                  13



Part I. - FINANCIAL INFORMATION
Item 1. Financial Statements

STEEL TECHNOLOGIES INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands)

                                             March 31,       September 30, 
                                                1998             1997
                                            (Unaudited)        (Audited)
                 ASSETS
Current assets:
  Cash and cash equivalents                 $     8,998    $     3,467
  Trade accounts receivable, net                 50,789         43,110
  Inventories                                    71,114         81,086
  Deferred income taxes                           1,738          1,714
  Prepaid expenses and other assets                 752            896
    Total current assets                        133,391        130,273
                                                               


Property, plant and equipment, net              103,967        103,796  

Investments in corporate joint ventures          18,385         17,626
                                                                      
Goodwill, net of amortization                     5,026          5,147  
                                                                     
Other assets                                        744            668
                                              $ 261,513    $   257,510
 				
   LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
 Accounts payable                             $   38,209   $    32,605
 Accrued liabilities                               7,089         5,156
 Accrued income taxes                                495            - 
 Long-term debt due within one year                6,903         2,195
   Total current liabilities                      52,696        39,956

Long-term debt                                    82,935        97,190
                                                                
Deferred income taxes                             12,180        11,535

Commitments and contingencies

 Shareholders' equity:
 Preferred stock                                    -              -
 Common stock                                    16,641         16,893
 Additional paid-in capital                       4,909          4,909
 Retained earnings                               93,592         88,467
 Foreign currency translation adjustment         (1,440)        (1,440)
                                                113,702        108,829
                                              $ 261,513      $ 257,510

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

STEEL TECHNOLOGIES INC.
Condensed Consolidated Statements of Income
(Amounts in thousands, except per share data, unaudited)

<TABLE>
													
                                           Three months ended   Six months ended
                                               March 31,            March 31,

                                              1998     1997      1998      1997
<S>                                          <C>       <C>     <C>       <C> 
Sales                                       $101,287 $ 79,799 $ 197,736 $ 157,829
Cost of goods sold                            89,179   71,528   175,230   140,154
     Gross profit                             12,108    8,271    22,506    17,675
                                                                       

Selling, general and administrative expenses   5,568    4,645    10,918    9,278
Equity in net income of unconsolidated
  corporate joint venture                        258      350       760      703
  Operating income                             6,798    3,976    12,348    9,100
                                               
Interest expense                               1,488    1,284     3,050    2,499
   Income before income taxes                  5,310    2,692     9,298    6,601

                                                                          
Provision for income taxes                     2,076      956     3,573    2,401
   Net income                               $  3,234 $  1,736 $   5,725 $  4,200



Weighted average number of common 
 shares outstanding-diluted                   12,050   12,015    12,048   12,045
   

Weighted average number of common 
 shares outstanding-basic                     11,997   11,963    11,997   11,963


Diluted earnings per common share           $   0.27  $  0.14  $   0.48 $  0.35


Basic earnings per common share             $   0.27  $  0.15  $   0.48 $  0.35
                                                                         

Cash dividends per common share             $   0.00  $  0.00  $   0.05 $  0.05


</TABLE>

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

STEEL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands, unaudited)
                                                           Six months ended
                                                               March 31, 
                                                         1998            1997
CASH FLOWS FROM OPERATING ACTIVITIES:


   Net Income                                       $    5,725      $    4,200
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
       Depreciation                                      5,636           4,923
       Amortization                                        121              25
       Deferred income taxes                               621             875
       Equity in net income of unconsolidated      
         corporate joint venture                          (760)           (703)
       Loss on sale of assets                                5               7
       Increase (decrease) in cash resulting from 
         changes in: 
             Trade accounts receivable                  (7,951)         (5,751)
             Inventories                                 9,997         (16,337)
             Accounts payable                            5,741           5,995
             Accrued liabilities and income taxes        2,270              21
             Other                                         462          (1,190)
Net cash provided by (used in) operating activities     21,867          (7,935)



CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchases of property, plant and equipment           (5,813)         (4,619)
Net cash used in investing activities                   (5,813)         (4,619)

                                                               
CASH FLOWS FROM FINANCING ACTIVITIES:

   Proceeds from long-term debt                            -            15,514
   Principal payments on long-term debt                 (9,547)           (249)
   Repurchase of common stock                             (259)             -
   Cash dividends on common stock                         (600)           (598)
   Net issuance of common stock under incentive
     stock option plans                                      7              87
Net cash (used in) provided by financing activities    (10,399)          14,754
Effect of exchange rate changes on cash                   (124)             (7)
                                                               

Net increase in cash and cash equivalents                5,531            2,193
Cash and cash equivalents, beginning of year             3,467            4,218
Cash and cash equivalents, end of period            $    8,998       $    6,411

Supplemental Cash Flow Disclosures:
Cash payments for interest                          $    3,231       $    2,546
Cash payments for income taxes                      $    2,043       $    2,169



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




STEEL TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated balance sheet as of March 31, 1998 and the
consolidated statements of income for the three and six-month periods ended
March 31, 1998 and 1997, and the condensed consolidated statements of cash
flows for the six-month periods then ended 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 March 31, 1998 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, 1997.  The results of operations
for the six months ended March 31, 1998 are not necessarily indicative of
the operating results for the full year.

2.  INVENTORIES
                                              March 31,          September 30, 
                                                1998                 1997
                                            (Unaudited)          (Audited)     
                                                   (Amounts in thousands) 

Inventories consist of:
     Raw Materials                           $ 60,034              $ 67,463    
     Finished goods and
         work in process                       11,080                13,623 
                                             $ 71,114              $ 81,086 

3.  RETAINED EARNINGS
                                                    Six months ended
                                                     March 31, 1998        
                                                 (Amounts in thousands)
Retained Earnings consists of:
    Balance, beginning of year                            $ 88,467
    Net income                                               5,725
    Cash dividends on common stock                            (600)
    Balance, end of period                                $ 93,592

4.  FOREIGN CURRENCY TRANSLATION

Prior to January 1, 1997, the monetary assets and liabilities of the Mexican
subsidiary were translated into U.S. dollars at the year-end rate of exchange
and revenues and expenses were translated at average rates of exchange in
effect during the period. Resulting translation adjustments were accumulated
in a separate component of shareholders' equity.  Foreign currency transaction
gains and losses were included in net income when incurred.  Effective
January 1, 1997, the Company changed to the monetary/non-monetary method
of accounting for foreign currency translation as the Mexican economy is
now considered hyper-inflationary for financial reporting.  This method
requires non-monetary assets and liabilities to be translated at historical
rates of exchange and the functional currency to be U.S. dollars.

5.  EARNINGS PER COMMON SHARE

In 1997, the Financial Accounting Standards Board issued SFAS No. 128,
"Earnings Per Share."  Statement 128 replaced the previously reported primary
and fully diluted earnings per share with basic and diluted earnings per
share.  Basic earnings per share excludes dilution and is computed by
dividing income available to common shareholders by the weighted-average
number of common shares outstanding for the period.  Diluted earnings per
share reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted into common stock
or resulted in the issuance of common stock that then shared in the earnings
of the entity.  Diluted earnings per share is computed similarly to fully
diluted earnings per share pursuant to APB No. 15.  SFAS No. 128 is effective
for financial statements for both interim and annual periods ending after
December 15, 1997. Earnings per share for all periods presented have been
calculated and presented in accordance with SFAS No. 128.

The following table sets forth the computation of basic and diluted earnings
per share:

<TABLE>
                      
                                                         Three months ended
                                      March 31, 1998                        March 31, 1997
                                 Income     Common     Per-Share      Income     Common    Per-Share
                                Available   Shares      Amount       Available   Shares      Amount

<S>                               <C>      <C>           <C>          <C>       <C>       
Basic earnings per share          $3,234    11,997       $0.27         $1,736    11,963       $0.15

Effect of dilutive stock options:
  Employee stock option plan                    50                                   52       (0.01)  
  Directors stock option plan                    3                                    
					
Diluted earnings per share        $3,234    12,050       $0.27         $1,736    12,015       $0.14 

</TABLE>
5.  EARNINGS PER COMMON SHARE (CONT.)
  
<TABLE>
                                                  Six months ended            
                                       March 31, 1998                             March 31, 1997
                                    Income    Common      Per-Share       Income   Common  Per-Share
                                  Available   Shares       Amount        Available Shares   Amount

<S>                               <C>      <C>           <C>           <C>        <C>     
Basic earnings per share          $5,725    11,997       $0.48         $4,200      11,963     $0.35
Effect of dilutive stock options:
   Employee stock option plan                   48                                     82

   Directors stock option plan                   3
					
Diluted earnings per share        $5,725    12,048       $0.48         $4,200      12,045     $0.35

</TABLE>

Options to purchase 185,000 shares of common stock at prices ranging from
$11.625-$12.788  under the stock option plan were outstanding at March 31,
1998, but were not included in the computation of diluted earnings per
share in any quarter because the options' exercise prices were greater than
the average market price of the common shares during the period and,
therefore, the effect would be antidilutive.

6.  ACQUISITION 

On April 1, 1997, the Company completed the purchase of 100% of the common
stock of Atlantic Coil Processing, Inc. (ACP) for approximately $19,600,000
in cash, notes payable and assumption of other liabilities.  The Company
financed the transaction with a combination of bank borrowings, issuance of a
note payable to the former ACP shareholders and the assumption of ACP trade
payables and other liabilities.  The transaction was accounted for by the
purchase method of accounting.  The results of the operations for ACP, now
referred to as Steel Technologies North Carolina, are included in the
consolidated financial statements of the Company from the date of the
acquisition.

7.  IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive Income",
which is effective for fiscal years beginning after December 15, 1997.  SFAS
No. 130 requires companies to classify items defined as "other comprehensive
income" by their nature in a financial statement, and to display the
accumulated balance of other comprehensive income separately from retained
earnings and additional paid-in capital in the equity section of the balance
sheet.  The adoption of SFAS No. 130 will not have a material impact on the
consolidated financial statements.

During 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information", which is effective for fiscal years
beginning after December 15, 1997.  The Company is not required to report
segment information under existing accounting standards, and is currently
evaluating whether additional disclosures will be made in accordance with
the new requirements.

During 1998, Statements of Position No. 98-1 "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use" and No. 98-5
"Reporting on the

7.  IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS (CONT.)

Costs of Start-up Activities" were issued.  These statements are effective for
years beginning after December 15, 1998.  The Company currently capitalizes
certain costs of software acquired for internal use and has no significant
expenses capitalized related to start-up activities.  As a result, the Company
expects that the adoption of these standards will not have a significant
impact on future earnings.

Item 2.  Management's Decision 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 year 2000 noncompliance or other business interruptions affecting
automotive manufacturers; competitive factors such as pricing and availability
of steel; reliance on key customers; 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.

Results of Operations

The Company posted record second quarter 1998 sales of $101,287,000, which 
represented a 27% increase from sales of $79,799,000 in the second quarter a
year ago.  The increase in revenues in the second quarter 1998 benefited from
the inclusion of  $12,700,000 of revenues from Steel Technologies North
Carolina which was acquired April 1, 1997. Revenues from existing core
processing operations increased approximately $8,800,000 or 11% from a year
ago.  Sales for the six months ended March 31, 1998 increased 25% compared
to the same period in 1997 with Steel Technologies North Carolina representing
$24,300,000 of the overall increase.    The Company continues to focus
significant resources on the automotive industry and to generate a major
portion of business from selling to industrial customers manufacturing
component parts for use in the automotive industry.  Demand in the
automotive and other steel consuming markets during the quarter and six
months ended March 31, 1998 was comparable to the levels of the prior year.
The Company continues to increase its market share and to be successful in
developing a substantial amount of new business with both existing and new
customers.  As a result of the ACP acquisition and market share gains, tons
shipped in the second quarter and six months of fiscal 1998 increased 32%
and 29%, respectively.  Average selling prices declined approximately 3%
during these same periods.  The sales outlook is solid based on order activity
and backlog.

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

Results of Operations (Cont.)

The capital investments completed in recent years have added new capacity and 
increased the products and services offered by the Company.  In fiscal 1998,
the Company completed the full start-up of its blanking operations at its
Eminence, Kentucky manufacturing facility.  The additional product offerings
are allowing the Company to pursue significant new business opportunities and
to further enhance its market share. For fiscal year 1998, the acquisition of
ACP added new capacity, geographic diversity and cut-to-length capabilities,
which further enhances the Company's position in the marketplace.

The gross profit margin was 12.0% and 11.4% in the second quarter and first
half of fiscal 1998 compared to 10.4% and 11.2% in the same periods of 1997.
The improvement is primarily a result of customer and product mix
improvements, productivity increases, a slight reduction in raw materials
prices and other operating cost reductions.  In fiscal 1998, the Company
expects stability in pricing of raw materials, especially in hot rolled steel,
as new steelmaking capacity and steel imports enter the market.  The gross
margin is expected to be positively impacted by the addition of product mix
improvements and production cost efficiencies associated with the anticipated
sales volumes.  Additionally, the Company expects to increase the amount of
higher margin toll processing revenue generated by the Company's pickling
facility and blanking lines.  Toll processing, primarily of customer-owned
steel, generates higher gross margin percentages than the Company's
traditional processing customers.

The Company continues to actively manage the level at which selling, general
and administrative costs are added to its cost structure.  Sales increased
27% in the second quarter, while selling, general and administrative costs
increased approximately 20% from the comparable 1997 period, in part due
to the addition of Steel Technologies North Carolina.  For the first half
of fiscal 1998, selling, general and administrative costs increased 18% while
sales increased 25% over the same period.  Selling, general and
administrative expenses as a percentage of sales decreased to 5.5% for the
quarter ended March 31, 1998 from 5.8% for the quarter ended March 31, 1997.  
Selling, general and administrative expenses as a percentage of sales was
5.5% for six months ended March 31, 1998, compared to 5.9% in the same period
a year ago.

The Company's equity in net income of Mi-Tech Steel, Inc., its unconsolidated 
corporate joint venture, was $258,000 and $760,000 for the quarter and six
months ended March 31, 1998, compared to $350,000 and $703,000 a year ago.
The decrease in the 1998 second quarter is principally the result of expenses
related to the start-up of its Decatur, Alabama facility.  The start-up of the
Decatur operation and certain other factors affecting customer orders will
most likely result in Mi-Tech Steel not meeting the level of its past
profitability for the balance of fiscal 1998.

Interest expense increased to $1,488,000 and $3,050,000 for the quarter and
six months ended March 31, 1998 from $1,284,000 and $2,499,000 in 1997.  The
increase

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

Results of Operations (Cont.)

is the result of higher average borrowings used to finance the acquisition of
ACP and the additional investment in Mi-Tech Steel, Inc. made in the third
quarter of fiscal 1997.

The Company's effective income tax rate was approximately 39% and 38% for the 
quarter and six months ended March 31, 1998 compared to 36% for the same
periods in 1997.  This results from a lower percentage of the Company's
overall earnings in the current year being generated by the Mi-Tech joint
venture, the earnings of which are not fully taxable to the Company.

Liquidity and Capital Resources

At March 31, 1998, the Company had $80,695,000 of working capital and
maintained a current ratio of 2.5:1.  Long-term debt as of March 31, 1998 was
44% of total capitalization.  The Company manages the levels of accounts
receivable, inventories and other working capital items in relation to the
trends in sales and the overall market.
For the first six months of fiscal 1998, the combination of increased sales
levels and more effective inventory management resulted in increased inventory
turnover and contributed to the generation of $21,867,000 of cash flows from
operations.  While the Company will continue to effectively manage working
capital items, the cash generated from operations will most likely be lower
than the results for the six months ended March 31, 1998.

The Company's capital expenditures for the second quarter of fiscal 1998
totaled $5,813,000.  The Company has expanded its production and processing
capacity and added new processing capabilities over the last few years and
now expects capital additions for all existing facilities, including Mexico,
to approximate $12,000,000 for fiscal 1998. 

On January 22, 1998, the Company's Board of Directors approved a plan under
which Steel Technologies may repurchase up to 500,000 shares of its common
stock over the next three years.  Shares may be purchased from time to time
at prevailing prices in open market transactions, subject to market
conditions, share price and other considerations.  The Company's cash flows
from operations and available borrowing capabilities will continue to fund
the stock repurchase program.  During the quarter, the Company repurchased
22,000 shares of its common stock at prevailing market prices.

Pursuant to a joint venture agreement, Steel Technologies has guaranteed
$6,250,000 of the bank financing required for the working capital purposes
of Mi-Tech Steel, Inc. Mi-Tech Steel had significant capital additions in
1997 to construct a pickling and slitting facility in Decatur, Alabama.
To participate equally with its joint venture partner in the financing of
this project.  Steel Technologies contributed $5 million of additional
equity to the joint venture in the third quarter of fiscal 1997.  Additional
equity contributions to the joint venture are not expected for the foreseeable
future, but if required would be financed with available funds from the
Company's bank line of credit.

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

Liquidity and Capital Resources (Cont.)

The Company believes that it currently has sufficient liquidity and available
capital resources to meet its existing needs.  The Company expects funds
generated from operations and the availability of $37,500,000 as of March 31,
1998 under its unsecured $80,000,000 bank line of credit to be sufficient to
finance the capital expenditures plans as well as the working capital
requirements for fiscal 1998.  On May 12, 1998, the Company announced its
intent to purchase 100% of the outstanding stock of Roberts Steel Company, a
steel processing facility located in Ohio with 1997 revenues of $25,000,000.
Upon the anticipated consummation date of July 1, 1998, the transaction will
require cash payments,  assumption of certain  liabilities and the financing
of certain buildings and equipment.  The Company will finance the purchase
with a portion of the available funds from the Company's bank line of credit. 

At March 31, 1998, the Company had $82,935,000 long-term debt outstanding.
Under its various debt agreements, the Company has agreed to maintain
specified levels of working capital and net worth, maintain certain ratios
and limit the addition of substantial debt.  The Company is in compliance
with all of its loan covenants, and none of these covenants would restrict
the Company from completing currently planned capital expenditures or the
planned acquisition.

The Company maintains an equity investment of approximately $7,300,000 in its 
majority-owned Mexican subsidiary.   In fiscal 1998, the Company plans to
invest up to $3,000,000 in additional production equipment and expansion of
the existing production facility in Mexico.  The Mexican economy is considered
hyper-inflationary for financial reporting.  Accordingly, the Company uses
the monetary/non-monetary method of accounting.  The impact on the Company's
profitability is limited to the effect of currency fluctuations related to
net monetary assets, which at March 31, 1998, was approximately $1,800,000.
For the  quarter and six months ended March 31, 1998, the impact was not
significant.  Due to the costs of hedging currency risks, the Company has not
entered into any hedging arrangements.

The Company is currently working to resolve the potential impact of the year 
2000 on the processing of date-sensitive information by the Company's 
computerized information systems.  The year 2000 problem is a result of 
computer programs being written using two digits (rather than four) to define
the applicable year.  Any of the Company's programs that have time-sensitive
software may recognize a date using "00" as the year 1900 rather than the 
year 2000, which could result in miscalculations or system failures.  Based
on current information, costs of addressing potential problems are not expected
to have a material adverse impact on the Company's financial position, results
of operations or cash flows in future periods.  However, if the Company, its
ustomers or vendors are unable to resolve such processing issues in a timely
manner, it could result in a material financial risk.  Accordingly, the
Company believes it has allocated the resources necessary to resolve all
significant year 2000 issues in a timely manner.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Not applicable

PART II. OTHER INFORMATION

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

The annual meeting of shareholders was held on January 22, 1998.  The matters
voted upon at the meeting were the election of three directors for three year
terms and the ratification of independent auditors for the current fiscal
year.

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


William E. Hellmann             11,233,033        0            68,668  
Howard F. Bates, Jr.            11,234,108        0            67,593
Michael J. Carroll              11,223,814        0            77,887 

                                                               


The number of votes cast for, against or abstained with respect to the
selection of Coopers and Lybrand as independent auditors were as follows:

                                Votes For   Votes Against  Votes Abstained
       
                                11,280,713      13,711          7,277  


Item 6. Exhibits and Reports on Form 8-K

(a)  The following exhibit is filed as a part of this report:

27      --     Financial Data Schedule - March 31, 1998
27      --     Restated Financial Data Schedule - December 31, 1996
	

(b)     On April  27, 1998, the Company reported on Form 8-K (Items 5 and 7)
that the Board of Directors of the Company declared a dividend distribution
of one Junior Participating Preferred Stock Purchase Right on each outstanding
share of the Company's common stock, as set forth in the Rights Agreement
dated as of April 24, 1998 between the Company and First Chicago Trust Company
of New York, as Rights Agent.  The dividend distribution will be made on
May 14, 1998, payable to shareholders of record on that date. 

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 May 14, 1998