Document:

<PAGE>

                                                                     EXHIBIT 4.9

            AMENDMENT NO. 7 TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS AMENDMENT dated as of August 26, 2004, by and among the financial
institutions whose signatures appear below (individually a "Bank," collectively
the "Banks"), Comerica Bank, as Administrative Agent for the Banks (in such
capacity, "Agent"), and Olympic Steel, Inc., an Ohio corporation (the
"Company").

         RECITALS:

         A. Company, Agent and Comerica Bank, Fifth Third Bank, Standard Federal
Bank N.A., Bank of America (successor by merger to Fleet Capital Corporation)
and KeyBank National Association are parties to that certain Amended and
Restated Credit Agreement dated as of December 30, 2002, as previously amended
("Credit Agreement").

         B. Company, the Banks and Agent desire to amend the Credit Agreement as
set forth below.

         NOW THEREFORE, the parties agree as follows:

         1 The definitions of "Letter of Credit Maximum Amount" and "Revolving
Credit Aggregate Commitment" set forth in Section 1.1 of the Credit Agreement
are amended to read as follows:

              "'Letter of Credit Maximum Amount' shall mean Twenty Five Million
         Dollars ($25,000,000).

              'Revolving Credit Aggregate Commitment' shall mean One Hundred Ten
         Million Dollars ($110,000,000) subject to reduction or termination
         under Section 2.13, 2.14 or 9.2 hereof."

         2. Schedule 1.2 of the Agreement is amended to read in the form annexed
hereto.

         3. The Obligations, as increased by this Amendment, continue to be
secured by the liens on and security interest in the Collateral under terms of
the Collateral Documents.

         4. Company agrees to pay to the Agent upon execution of this Amendment,
for the account of the Banks executing this Amendment, on a pro rate basis for
all such executing Banks, a non-refundable amendment fee equal to $50,000.

         5. Except as expressly modified hereby, all the terms and conditions of
the Credit Agreement shall remain in full force and effect.

         6. Company hereby represents and warrants that, after giving effect to
the amendments contained herein, (a) execution, delivery and performance of this
Amendment and any other documents and instruments required under this Amendment
or the Credit Agreement are within its corporate powers, have been duly
authorized, are not in contravention of law or the terms of its Articles of
Incorporation or Bylaws, and do not require the consent or approval of any
governmental body, agency, or authority; and this Amendment and any other
documents and instruments required under this Amendment or the Credit Agreement,
will be valid and binding in accordance with their terms; (b) the continuing
representations and warranties made by Company set forth in Sections 6.1 through
6.19 and 6.21 through 6.24 of the Credit Agreement are true and correct on and
as of the date hereof with the same force and effect as if made on and as of the
date hereof; (c) the continuing representations and warranties of Company set
forth in Section 6.20 of the Credit Agreement are true and correct as of the
date hereof with respect to the most recent financial statements furnished to
the Bank by Company in accordance with Section 7.1of the Credit Agreement; and
(d) no Default or Event of Default has occurred and is continuing as of the date
hereof.

         7. Capitalized terms used but not defined herein shall have the meaning
set forth in the Credit Agreement.

         8. This Amendment may be signed in counterparts.

<PAGE>

         9. This Amendment shall become effective (according to the terms and as
of the date hereof) upon satisfaction by Company of the following conditions:

                  (a)      Agent shall have received counterpart originals of
         this Amendment, in each case duly executed and delivered by Company,
         the Agent, the Banks, and the Guarantors and originals of the Loan
         Documents identified on the Closing Agenda annexed hereto duly executed
         by the parties thereto and, where applicable, in recordable form; and

                  (b)      Company shall have paid to the Agent for the benefit
         of the Banks the fee required in Paragraph 4, above.

         WITNESS the due execution hereof as of the day and year first above
written.

<TABLE>
<CAPTION>
COMERICA BANK,                                               OLYMPIC STEEL, INC.
as Agent
<S>                                                         <C>

By:                                                           By:
   --------------------------------------------------            --------------------------------------------------

Its:                                                          Its:
    -------------------------------------------------             -------------------------------------------------

SWING LINE BANK:                                              COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

ISSUING BANK:                                                 COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

BANKS:                                                        COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              STANDARD FEDERAL BANK N.A.

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                              FIFTH THIRD BANK
<S>                                                    <C>

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              BANK OF AMERICA, SUCCESSOR BY MERGER TO FLEET CAPITAL CORPORATION

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              KEYBANK NATIONAL ASSOCIATION

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------
</TABLE>

<PAGE>

Acknowledged by the undersigned Guarantor as of August 26, 2004.

<TABLE>
<CAPTION>
                                                              GUARANTORS:
<S>                                                       <C>
                                                              OLYMPIC STEEL LAFAYETTE, INC.

                                                              By:
                                                                  ------------------------------------------------

                                                              Its:
                                                                  -----------------------------------------------

                                                              OLYMPIC STEEL MINNEAPOLIS, INC.

                                                              By:
                                                                  -------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              OLYMPIC STEEL IOWA, INC.

                                                              By:
                                                                  ----------------------------------------------------

                                                              Its:
                                                                  ----------------------------------------------------

                                                              OLY STEEL WELDING, INC.

                                                              By:
                                                                 -------------------------------------------------

                                                              Its:
                                                                -------------------------------------------------

                                                              OLYMPIC STEEL RECEIVABLES,  L.L.C.

                                                              By:--------------------------------------------------------

                                                              Its:--------------------------------------------------------
</TABLE><PAGE>

                                                                    EXHIBIT 4.10

            AMENDMENT NO. 8 TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS AMENDMENT dated as of February 25, 2005 by and among the financial
institutions whose signatures appear below (individually a "Bank," collectively
the "Banks"), Comerica Bank, as Administrative Agent for the Banks (in such
capacity, "Agent"), and Olympic Steel, Inc., an Ohio corporation (the
"Company").

                                    RECITALS:

         A. Company, Agent and Comerica Bank, Fifth Third Bank, Standard Federal
Bank N.A., Fleet Capital Corporation and KeyBank National Association are
parties to that certain Amended and Restated Credit Agreement dated as of
December 30, 2002, as previously amended ("Credit Agreement").

         B. Company, the Banks and Agent desire to amend the Credit Agreement as
set forth below.

         NOW THEREFORE, the parties agree as follows:

         1. The reference to "$50,000,000" in clause (ii)(B) of the definition
of "Borrowing Base" set forth in Section 1 of the Agreement is deleted and
"$65,000,000" is inserted in lieu thereof.

         2. The definition of "Consolidated Debt Service Coverage Ratio" set
forth in Section 1 of the Agreement is amended to read as follows:

         "'Consolidated Debt Service Coverage Ratio' shall mean as of any date
         of determination the ratio of (a) Consolidated Pre-Tax Income for the
         Applicable Measuring Period ending on such date of determination, plus
         to the extent deducted in determining Consolidated Pre-Tax Income,
         Consolidated Interest Expense for such period and depreciation and
         amortization for such period, income tax refunds received in cash
         during such period and other non-cash items acceptable to Agent, less
         cash (non-financed) Capital Expenditures of Company and its
         Consolidated Subsidiaries made or paid during such period and income
         taxes paid in cash by Company and its Consolidated Subsidiaries during
         such period to (b) all scheduled interest and principal payable during
         such period with respect to Consolidated Funded Debt plus all cash
         Distributions paid by Company during such period to the holders of its
         Equity Interests."

         3. The definition of "Debt" set forth in Section 1 of the Agreement is
amended to read as follows:"

         "'Debt' shall mean as to any Person, without duplication (a) all Funded
         Debt of a Person, (b) all Guarantee Obligations of such Person, (c) all
         obligations of such Person under conditional sale or other title
         retention agreements relating to property or assets purchased by such
         Person, (d) all indebtedness of such Person arising in connection with
         any interest rate swap transaction, basis swap transaction, forward
         rate transaction, commodity swap transaction, equity transaction,
         equity index transaction, foreign exchange transaction, cap
         transaction, floor transaction (including any option with respect to
         any of these transactions and any combination of any of the foregoing)
         entered into by such Person and (e) any obligations in respect of
         phantom stocks which would be classified as liabilities on the balance
         sheet of a Person, but shall exclude obligations of Company and/or any
         Subsidiary under any Deferred Inventory Purchase Program."

         4. The definition of "Distribution" set forth in Section 1 of the
         Agreement is amended to read as follows:

         "'Distribution' is defined in Section 8.5 hereof."

         5. The definition of "Swing Line Maximum Amount" set forth in Section 1
         of the Agreement is amended to read as follows:

         "Swing Line Maximum Amount" shall mean Twenty Million Dollars
         ($20,000,000)."

         6. Schedule 7.6 of the Agreement is amended to read as follows:

<PAGE>

         "7.6 Inspection of Property; Books and Records, Discussions. Permit
         Agent and each Bank, through their authorized attorneys, accountants
         and representatives (a) at all reasonable times during normal business
         hours, upon the prior written notice by Agent or such Bank, to examine
         Company's and each Subsidiary's books, accounts, records, ledgers and
         assets and properties of every kind and description wherever located;
         (b) at any time and from time to time (in any event, at least once a
         year unless Availability is less than $12,500,000, in which case, at
         least once a quarter), upon the request of the Majority Banks, to
         conduct full or partial collateral audits of Company and the
         Subsidiaries to be completed by an appraiser as may be selected by
         Agent and the Majority Banks and consented to by Company (such consent
         not to be unreasonably withheld), with all reasonable costs and
         expenses of such audits to be reimbursed by Company; provided, however,
         that prior to the occurrence and continuance of any Default or Event of
         Default, the Company shall be required to reimburse the Agent for the
         reasonable costs and expenses of no more than one (1) (unless
         Availability is less than $12,500,000, in which case four (4)) such
         audit(s) conducted by Agent in any year and provided further, however,
         that Company shall be required to reimburse the Agent for all
         reasonable costs and expenses of all audits conducted after the
         occurrence and during the continuance of a Default or Event of Default;
         and (c) permit Agent and each Bank or their authorized representatives,
         at reasonable times and intervals upon prior written notice, to visit
         all of their respective offices, discuss their respective financial
         matters with their respective officers and independent certified or
         chartered public accountants, as applicable, and, by this provision,
         Company authorizes such accountants to discuss the finances and affairs
         of Company and the Subsidiaries (provided that Company is given an
         opportunity to participate in such discussions) and examine any of its
         or their books and other corporate records. Notwithstanding the
         foregoing, all information furnished to the Agent or the Banks
         hereunder shall be subject to the undertaking of the Banks set forth in
         Section 13.11 hereof. The first collateral audit under this Section 7.6
         shall be commenced by Agent within 90 days of the Effective Date."

         7. Section 8.1(c) of the Agreement is amended to read as follows:

         "(c) Debt of the Company or a Subsidiary, excluding Debt otherwise
         permitted under this Section 8.1, incurred to finance the acquisition
         of fixed or capital assets (whether pursuant to a loan or a Capitalized
         Lease), provided that the aggregate amount of all such Debt shall not
         exceed Two Million Dollars ($2,000,000) at any one time outstanding."

         8. Section 8.4(j) of the Agreement is amended to read as follows:

         "(j) Subject to the provisions of Sections 2.13(b) and 4.11(b) of this
         Agreement, sales of Equity Interests in Company under any employee
         stock purchase plan or employee stock option agreement and other sales
         of Equity Interests in Company which do not result in a Change in
         Control;"

         9. The word "and" is added to the end of Section 8.5(d) and the
following Section 8.5(e) is added to the Agreement:

         "(e) cash Distributions by Company to the holders of the Equity
         Interests in Company during any fiscal quarter of Company ("Current
         Quarter"), provided that Company will be in compliance with Section 7.9
         of this Agreement as of the last day of such fiscal quarter."

         10. Section 8.6 of the Agreement is amended to read as follows:

         "8.6 Limitation on Capital Expenditures. Make or commit to make (by way
         of the acquisition of securities of a Person or otherwise) any
         expenditure in respect of the purchase or other acquisition of fixed or
         capital assets (excluding any such asset acquired in connection with
         normal replacement and maintenance programs properly charged to current
         operations) except Capital Expenditures which shall not exceed Fifteen
         Million Dollars ($15,000,000) during any fiscal year of Company."

         11. Section 8.7(i) of the Agreement is amended to read as follows:

         "(i) additional Investments in or to G.S.P. LLC and/or OLP LLC made
         after the date hereof, in addition to those identified on Schedule 8.7
         annexed hereto not to exceed $2,500,000 in aggregate amount at any time
         outstanding (excluding the Investments so identified on Schedule 8.7);"

<PAGE>

         12. The word "and" is added to the end of Section 8.7(j) (before the
".") and the following Section 8.7(k) is added to the Agreement:

         "(k) the investment of funds under the terms of the Olympic Steel, Inc.
         Executive Deferred Compensation Plan dated effective December 1, 2004
         and any mandatorily deferred senior management compensation plan
         established by Company after the date hereof."

         13. Each reference to "Five Hundred Thousand Dollars ($500,000)" and
"$500,000" in Sections 9.1(g) and (h) of the Agreement is deleted and
"One Million Dollars ($1,000,000)" is inserted in lieu thereof.

         14. Except as expressly modified hereby, all the terms and conditions
of the Credit Agreement shall remain in full force and effect.

         15. Company hereby represents and warrants that, after giving effect to
the amendments contained herein, (a) execution, delivery and performance of this
Amendment and any other documents and instruments required under this Amendment
or the Credit Agreement are within its corporate powers, have been duly
authorized, are not in contravention of law or the terms of its Articles of
Incorporation or Bylaws, and do not require the consent or approval of any
governmental body, agency, or authority; and this Amendment and any other
documents and instruments required under this Amendment or the Credit Agreement,
will be valid and binding in accordance with their terms; (b) the continuing
representations and warranties made by Company set forth in Sections 6.1 through
6.19 and 6.21 through 6.24 of the Credit Agreement are true and correct on and
as of the date hereof with the same force and effect as if made on and as of the
date hereof; (c) the continuing representations and warranties of Company set
forth in Section 6.20 of the Credit Agreement are true and correct as of the
date hereof with respect to the most recent financial statements furnished to
the Bank by Company in accordance with Section 7.1of the Credit Agreement; and
(d) no Default or Event of Default has occurred and is continuing as of the date
hereof.

         16. Capitalized terms used but not defined herein shall have the
meaning set forth in the Credit Agreement.

         17. This Amendment may be signed in counterparts.

         18. This Amendment shall become effective (according to the terms and
as of the date hereof) upon satisfaction by Company of the following conditions
Agent shall have received counterpart originals of this Amendment, in each case
duly executed and delivered by Company, the Agent, the Banks, and the Guarantors
and originals of the Loan Documents identified on the Closing Agenda annexed
hereto duly executed by the parties thereto and, where applicable, in recordable
form.

<PAGE>

         WITNESS the due execution hereof as of the day and year first above
written.

<TABLE>
<CAPTION>
COMERICA BANK,                                                OLYMPIC STEEL, INC.
as Agent
<S>                                                       <C>

By:                                                           By:
   --------------------------------------------------            --------------------------------------------------

Its:                                                          Its:
    -------------------------------------------------             -------------------------------------------------

SWING LINE BANK:                                              COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

ISSUING BANK:                                                 COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

BANKS:                                                        COMERICA BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              STANDARD FEDERAL BANK
                                                              NATIONAL ASSOCIATION

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              FIFTH THIRD BANK

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

                                                              FLEET CAPITAL CORPORATION

                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                              KEYBANK NATIONAL ASSOCIATION
<S>                                                        <C>
                                                              By:
                                                                 --------------------------------------------------

                                                              Its:
                                                                  -------------------------------------------------
</TABLE>

<PAGE>

Acknowledged by the undersigned Guarantor as of February 25, 2005.

<TABLE>
<CAPTION>
                                                              GUARANTORS:
<S>                                                     <C>
                                                              OLYMPIC STEEL LAFAYETTE, INC.

                                                              By:
                                                                 --------------------------------------------------------

                                                              Its:
                                                                  --------------------------------------------------------

                                                              OLYMPIC STEEL MINNEAPOLIS,  INC.

                                                              By:
                                                                  --------------------------------------------------------

                                                              Its:
                                                                  --------------------------------------------------------

                                                              OLYMPIC STEEL IOWA, INC.

                                                              By:
                                                                  --------------------------------------------------------

                                                              Its:
                                                                  --------------------------------------------------------

                                                              OLY STEEL WELDING, INC.

                                                              By:
                                                                 --------------------------------------------------------

                                                              Its:
                                                                  --------------------------------------------------------

                                                              OLYMPIC STEEL RECEIVABLES, L.L.C.

                                                              By:
                                                                 --------------------------------------------------------

                                                              Its:
                                                                  --------------------------------------------------------
</TABLE>

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