Document:

Form of Medium-Term Notes

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	 CUSIP NO. 94986RHZ7
 REGISTERED
NO.             
	  	 PRINCIPAL AMOUNT:
$                        

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes due March 21,
2019 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware
(hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal
sum of                      DOLLARS
($                    ) on March 21, 2019 (the “Stated Maturity Date”) and to pay interest thereon from March 21, 2012 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on March 21, June 21, September 21 and December 21, commencing June 21, 2012 (each, an “Interest Payment
Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record
Date for an Interest Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day
that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 

 Except as described below for the first Interest Period, on each Interest Payment Date,
interest will be paid for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest
Period.” The first Interest Period will commence on and include March 21, 2012 and end on and include June 20, 2012. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 

The interest rate on this Security that will apply during the first eight Interest Periods (up to and including the Interest Period
ending March 20, 2014) will be equal to 2.50% per annum. For all Interest Periods commencing on or after March 21, 2014, the interest rate on this Security will be determined by the calculation agent for this Security (the
“Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 0.50%, subject to the Maximum Interest Rate. 
 The “Determination Date” for an Interest Period commencing on or after March 21, 2014 will be two London Banking Days prior to the first day of such Interest Period. A
“London Banking Day” is any day on which dealings in deposits in U.S. dollars are transacted in the London Interbank market. 
 “3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in U.S. dollars having a 3 month maturity, commencing on the second London
Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at least two offered rates appear on the Designated LIBOR Page, provided that if
the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on Reuters, or any successor service, on page LIBOR01, or any other page as may
replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 
 If
(i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in
the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that
Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at
that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will be the arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major
banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a 3 month maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at
that time. 

  
 2 

 If the banks so selected by the Calculation Agent are not quoting as set forth above, 3
month LIBOR on such Determination Date will be determined by the Calculation Agent in a commercially reasonable manner. 
 The
“Maximum Interest Rate” is 6.00% per annum. 
 The Calculation Agent shall, upon the request of a Holder
of this Security, provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be
conclusive for all purposes and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo
Securities, LLC will initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of interest on this Security will be
made in immediately available funds at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or
by wire transfer to such account as may have been designated by such Person. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for
that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the
Depositary by wire transfer of immediately available funds. 
 This Security is not subject to redemption at the option of the
Company or, except as set forth in the next sentence, repayment at the option of the Holder hereof prior to March 21, 2019. This Security may be subject to repayment if requested by the authorized representative of a beneficial owner of this
Security as described on the reverse hereof under “Repayment upon Exercise of Survivor’s Option.” This Security is not entitled to any sinking fund. 

 
  

  
 3 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder
of this page has been left intentionally blank] 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED:
                                 

 

					
	WELLS FARGO & COMPANY
		
	By:	 	  

		 	 	 	 
		 	Its:
                                         
                                        
       

 [SEAL] 
  

					
	Attest:	 	  

		 	 	 	 
		 	Its:
                                         
                                        
 

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the
within-mentioned Indenture. 
 CITIBANK, N.A., 
       as Trustee 
  

			
	By:	 	 
		 	Authorized Signature

  

			
	                        OR
	
	WELLS FARGO BANK, N.A.,
	    as Authenticating Agent for the Trustee
		
	By:	 	 
		 	Authorized Signature

  
 5 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 
 Notes due March 21, 2019 
 This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 6 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Repayment upon Exercise of Survivor’s Option 

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative of the
beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request (the
“Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper tender of a
beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial owner’s
beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be valid, the
Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the personal
representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 
 A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive the proceeds from the disposition of such beneficial owner’s interest in
this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest thereon. 

  
 7 

 The death of a Person holding a beneficial ownership interest in this Security as a joint
tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire principal
amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial ownership
interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only the
deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 
 The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in this Security will be deemed the death of the beneficial owner of this
Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership interest can be established to the satisfaction of the Paying Agent. A
beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property, or other joint ownership arrangements between a
husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the beneficial ownership interest in this Security during his or her lifetime.
In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 
 The
Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased
beneficial owner of this Security in any calendar year to $500,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company
will not permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 
 An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the Survivor’s Option will be accepted in the order that it was received by the Paying
Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitation described above. Beneficial ownership interests in this Security accepted for repayment through the exercise of the
Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 20 or more calendar days after the date of the acceptance. Each tendered beneficial ownership interest in this Security that is not accepted in a calendar
year due to the application of the limitation described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order in which all such beneficial interests were originally tendered. If a beneficial ownership
interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as
indicated in the Security Register, that states the reason that the beneficial ownership interest in this Security has not been accepted for repayment. 

  
 8 

 Since this Security is a Global Security, DTC, as depository, or its nominee will be treated
as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s Option, the deceased beneficial owner’s authorized
representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	 	 appropriate evidence satisfactory to the Paying Agent that: 

 

	 	(a)	the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased beneficial owner at
least six months prior to the request for repayment, 

  

	 	(b)	the death of the beneficial owner has occurred and the date of death, and 

  

	 	(c)	the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	 	 if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the
deceased beneficial owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	 	 a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member firm
of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

 

	 	•	 	 tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial
ownership in this Security and the claimant’s entitlement to payment; and 

  

	 	•	 	 any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to
document beneficial ownership or authority to make the election and to cause the repayment of this Security. 

 In turn, the
broker or other entity will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 

The Company retains the right to limit the aggregate principal amount of this Security as to which exercises of the Survivor’s
Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other questions regarding the eligibility or validity of any
exercise of the Survivor’s Option will be determined by the Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

  
 9 

 The broker or other entity will be responsible for disbursing payments received from the
Paying Agent to the authorized representative. Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 

Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and
other terms and of authorized denominations aggregating a like amount. 
 This Security may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor.
Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

  
 10 

 No Personal Recourse 
 No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security. 
 Governing Law 
 This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws. 

  
 11 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

					
	TEN COM	  	—  	  	as tenants in common
			
	TEN ENT	  	—  	  	as tenants by the entireties
			
	JT TEN	  	—  	  	 as joint tenants with right
 of survivorship and not
 as tenants in common

  

							
	UNIF GIFT MIN ACT —	 	 	  	Custodian	  	 
		 	(Cust)	  		  	(Minor)

 Under Uniform Gifts to Minors Act 

 

                    (State) 

Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 Please Insert Social Security or 
 Other Identifying Number of Assignee 

 
  

 

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    

                         
                                         
                                         
                                         
                                         
                                         
                            
 (PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL
ZIP CODE OF ASSIGNEE) 

  
 12 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                                         attorney
to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
                                

 

	
	 
	
	  
	

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within
instrument in every particular, without alteration or enlargement or any change whatever. 

  
 13EX-4.23

 Exhibit 4.23 
 FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 This
FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of March 16, 2012 by and among OLYMPIC STEEL, INC., an Ohio corporation (“Olympic
Steel”), OLYMPIC STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic Minneapolis”), OLYMPIC
STEEL IOWA, INC., an Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC., a Delaware corporation
(“Oly NC”), TINSLEY GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS Acquisition”), CHICAGO TUBE AND IRON
COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group, IS Acquisition and Chicago Tube and Iron, collectively,
“Borrowers”), BANK OF AMERICA, N.A., a national banking association, as agent for Lenders (together with its successors and assigns, “Agent”) for Lenders, and Lenders party hereto. 

RECITALS 

A. Borrowers, Lenders and Agent are party to that certain Amended and Restated Loan and Security Agreement, dated as of July 1, 2011
(as such agreement may be amended, restated, or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have agreed to make certain loans and extend certain other financial accommodations to Borrowers
as provided therein. Terms defined in the Loan Agreement, where used in this Amendment, shall have the same meanings in this Amendment as are prescribed by the Loan Agreement. 
 B. Borrowers have requested that Lenders amend certain terms of the Loan Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the terms and conditions contained herein, and of any loans or financial accommodations heretofore, now, or hereafter made to or for the benefit of Borrowers by
Lenders, it hereby is agreed as follows: 
 ARTICLE 1 

AMENDMENTS TO LOAN AGREEMENT 
 Section 1.1 Amendments. The Loan Agreement is hereby amended as follows: 
 (a) The following new defined terms are inserted in Section 1.1 of the Loan Agreement in their appropriate alphabetical order: 

“First Amendment Date: March 16, 2012. 

Volvo Account: an Account owing to a Borrower by Volvo Group North America, Inc. (USA) and
certain of its affiliates. 
 Volvo AR Purchase Agreement: a receivable purchase agreement or other
similar agreement to be entered into by one or more Borrowers and one or more financial institutions reasonably acceptable to Agent that has been approved in advance and in writing by Agent in its reasonable discretion (and which approval may be
conditioned by Agent upon the execution and 

 
delivery of an intercreditor agreement between Agent and such financial institutions that is in form and substance reasonably acceptable to Agent), as the same is effect on the date of such
approval, and as the same may be amended, restated or otherwise modified thereafter to the extent permitted by Section 10.2.19(c) hereof. 
 Volvo Purchased Account: any Volvo Account sold pursuant to the Volvo AR Purchase Agreement. 
 Olympic Mexico. Metales de Olympic, S. de R.L. de C.V., an entity organized under the laws of Mexico.” 
 (b) The defined term “Applicable Margin” appearing in Section 1.1 of the Loan Agreement is amended and restated to read in its entirety as follows: 

“Applicable Margin: with respect to any Type of Loan, 

(A) from the Closing Date until the First Amendment Date, the margin set forth below, and with respect the fee payable pursuant to
Section 3.2.1, the unused line fee percentage (the “Unused Line Fee Percentage”) set forth below, in each case as determined by the Revolver Utilization for the last Fiscal Quarter: 

 

											
	 Level
	  	 Revolver Utilization
	  	 Base Rate
 Revolver
 Loans
	 	 LIBOR

Revolver Loans
	 	 Base Rate

Term Loans
	 	 LIBOR

Term Loans

	I  	  	3 $200,000,000	  	1.00%	 	2.50%	 	1.50%	 	3.00%
	II 	  	3 $100,000,000 < $200,000,000	  	0.75%	 	2.25%	 	1.25%	 	2.75%
	III	  	< $100,000,000	  	0.50%	 	2.00%	 	1.00%	 	2.50%

  

					
	 Level
	  	 Revolver Utilization
	  	 Unused Line Fee Percentage

	I	  	 3 50% of the aggregate amount of Revolver Commitments in
effect
	  	0.250%
	II	  	 < 50% of the aggregate amount of Revolver Commitments in effect
	  	0.375%

 Until January 1, 2012, margins shall be determined as if Level II were applicable and the Unused Line Fee Percentage
shall be determined as if Level II were applicable. As of January 1, 2012 and thereafter until the First Amendment Date, the margins and the Unused Line Fee Percentage shall be subject to increase or decrease based on the Revolver Utilization
as determined by Agent for the last Fiscal Quarter, which change shall be effective on the first day of the Fiscal Quarter immediately following such Fiscal Quarter; and 

  
 2 

 (B) from and after the First Amendment Date, the margin set forth below, and with respect
the Unused Line Fee Percentage set forth below, in each case as determined by the Revolver Utilization for the last Fiscal Quarter: 
  

																			
	 Level
	  	 Revolver Utilization
	  	Base Rate
Revolver
Loans	 	 	LIBOR
Revolver Loans	 	 	Base Rate
Term Loans	 	 	LIBOR
Term Loans	 
	 I  
	  	3 $200,000,000	  	 	0.50	% 	 	 	2.00	% 	 	 	0.75	% 	 	 	2.25	% 
	 II 
	  	3 $100,000,000 < $200,000,000	  	 	0.25	% 	 	 	1.75	% 	 	 	0.50	% 	 	 	2.00	% 
	 III
	  	< $100,000,000	  	 	0.00	% 	 	 	1.50	% 	 	 	0.25	% 	 	 	1.75	% 

  

							
	 Level
	  	 Revolver Utilization
	  	Unused Line Fee Percentage	 
	I	  	3 50% of the aggregate amount of Revolver Commitments in effect	  	 	0.250	% 
	II	  	< 50% of the aggregate amount of Revolver Commitments in effect	  	 	0.375	% 

 Until June 30, 2012, margins shall be determined as if Level I were applicable and the Unused Line Fee Percentage
shall be determined as if Level I were applicable. As of June 30, 2012 and thereafter, the margins and the Unused Line Fee Percentage shall be subject to increase or decrease based on the Revolver Utilization as determined by Agent for the last
Fiscal Quarter, which change shall be effective on the first day of the Fiscal Quarter immediately following such Fiscal Quarter.” 
 (c) The defined term “Debt” appearing in Section 1.1 of the Loan Agreement is amended by replacing the phrase “none of the obligations of Chicago Tube and Iron under the Toro AR
Purchase Agreement” appearing therein with the phrase “none of the obligations of Chicago Tube and Iron under the Toro AR Purchase Agreement and none of the obligations of any Borrower under the Volvo AR Purchase Agreement”.

 (d) The defined term “EBITDA” appearing in Section 1.1 of the Loan Agreement is amended by replacing
the phrase “Borrowers and Subsidiaries, net income, calculated before” appearing therein with the phrase “Borrowers and Subsidiaries, net income, calculated on a FIFO basis and before”. 

(e) Clause (p) of the defined term “Eligible Account” appearing in Section 1.1 of the Loan Agreement is amended and
restated to read in its entirety as follows: 
 “(p) (i) for so long as the Toro AR Purchase Agreement is in effect,
it is a Toro Account or (ii) for so long as the Volvo AR Purchase Agreement is in effect, it is a Volvo Account”. 

(f) The defined term “Fee Letter” appearing in Section 1.1 of the Loan Agreement is amended and restated to read in
its entirety as follows: 
 “Fee Letter: the amended and restated fee letter agreement, dated the
First Amendment Date, among Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Olympic Steel.” 

  
 3 

 (g) The defined term “Inventory Formula Amount” appearing in Section 1.1 of
the Loan Agreement is amended by replacing the dollar amount “$190,000,000” appearing therein with the dollar amount “$225,000,000”. 
 (h) Clause (m) of the defined term “Permitted Asset Disposition” is amended and restated to read in its entirety as follows: 

“(m) Asset Dispositions of Toro Purchased Accounts and Volvo Purchased Accounts and” 

(i) Clause (a)(ii) of the defined term “Restricted Investment” is amended and restated to read in its entirety as follows:

 “(ii) Investments consisting of intercompany loans permitted under Section 10.2.7(e) and
Investments other than loans by a Borrower in another Borrower,” 
 (j) The first sentence of Section 2.1.7(a)
of the Loan Agreement is amended by replacing the phrase “an amount not in excess of $75,000,000 in the aggregate” appearing therein with the phrase “an amount not in excess of $75,000,000 in the aggregate after the First Amendment
Date”. 
 (k) Clause (iii) of the last paragraph of Section 7.1 of the Loan Agreement is amended and
restated to read in its entirety as follows: 
 ”(iii) for so long as the Toro AR Purchase Agreement is in
effect, any Toro Purchased Account and for so long as the Volvo AR Purchase Agreement is in effect, any Volvo Purchased Account” 
 (l) The first two sentences of Section 9.1.4 of the Loan Agreement are amended and restated to read in their entirety as follows 

“Schedule 9.1.4 shows, as of the First Amendment Date for each Borrower and Subsidiary, (A) its name and
its jurisdiction of organization and (B) other than with respect to Olympic Steel, its authorized and issued Equity Interests, the holders of its Equity Interests, and all agreements binding on such holders with respect to their Equity
Interests. Except as disclosed on Schedule 9.1.4, in the five years preceding the First Amendment Date, no Borrower or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a merger or
combination.” 
 (m) Section 9.1.24 of the Loan Agreement is amended and restated to read in its entirety as
follows: 
 “9.1.24 Inactive Subsidiaries. No Inactive Subsidiary (a) has any assets with a net
book value which, when taken together with the net book value of the assets of all other Inactive Subsidiaries exceeds $500,000 in the aggregate (excluding the Equity Interests of Olympic Mexico owned by Olyac and Olympic Trading), (b) has any
material liabilities or (c) is engaged in any trade or business (other than the maintenance of its existence and activities incidental thereto or, in the case of Olyac and Olympic Trading, the ownership of Equity Interests in Olympic Mexico
owned by Olyac and Olympic Trading and activities incidental thereto).” 

  
 4 

 (n) Section 10.2.1(k) of the Loan Agreement is amended and restated to read in
its entirety as follows: 
 “(k) intercompany loans to the extent permitted under
Section 10.2.7(e);” 
 (o) Section 10.2.2(q) of the Loan Agreement is amended and restated to read
in its entirety as follows: 
 “(q) Liens created on the Toro Purchased Accounts pursuant to the Toro AR
Purchase Agreement and Liens created on the Volvo Purchased Accounts pursuant to the Volvo AR Purchase Agreement; and” 

(p) Section 10.2.3 of the Loan Agreement is amended and restated to ready in its entirety as follows: 

“10.2.3 Inactive Subsidiaries. Permit any Inactive Subsidiary to (a) acquire any assets which, when taken
together with the net book value of the assets of all other Inactive Subsidiaries exceeds $500,000 in the aggregate (excluding the Equity Interests of Olympic Mexico owned by Olyac and Olympic Trading), (b) incur any liabilities (whether to an
Affiliate or otherwise) other than for franchise taxes, maintenance fees and other de minimus expenses or (c) engage in any trade or business (other than the maintenance of its existence and activities incidental thereto or, in the case
of Olyac and Olympic Trading, the ownership of Equity Interests in Olympic Mexico owned by Olyac and Olympic Trading and activities incidental thereto).” 
 (q) Section 10.2.7(e) of the Loan Agreement is amended and restated to read in its entirety as follows: 
 “(e) as long as no Event of Default under Section 11.1(a), 11.1(b) or 11.1(k) exists, (i) intercompany loans by a Borrower to another Borrower and (ii) intercompany loans by
Olympic Steel to Olympic Mexico in an aggregate amount not to exceed $2,500,000 at any time outstanding” 
 (r)
Section 10.2.19 of the Loan Agreement is amended by inserting new clause (c) therein, which shall read in its entirety as follows: 
 “(c) Except for extensions and renewals, Borrowers shall (i) provide Agent with written notice of any proposed amendment, modification or other change to, and each consent to a departure from,
the terms or provisions of the Volvo AR Purchase Agreement as such terms and provision are in effect on the date of the approval thereof by Agent and (ii) promptly following the effectiveness thereof, provide Agent with a copy of each such
amendment, modification or other change to, and each such consent to a departure from, the terms or provisions of the Volvo AR Purchase Agreement. No Borrower shall, without the prior written consent of Agent, amend, modify or otherwise change or
obtain a consent to a departure terms of the Volvo AR Purchase Agreement that (x) is materially adverse to any Borrower, any Subsidiary or Lenders or (y) could in any way impair the Lien of Agent or Lenders in the Collateral (including,
without limitation, by impairing the creation, attachment, perfection, or priority of such Lien); it being understood and agreed that Borrowers may terminate Volvo AR Purchase Agreement (whereupon Borrowers shall reasonably promptly notify Agent of
such termination).” 

  
 5 

 (s) Schedule 1.1 to the Loan Agreement is amended and restated to read in its
entirety as Schedule 1.1 attached hereto. 
 (t) Schedule 9.1.4 to the Loan Agreement is amended and restated to read in
its entirety as Schedule 9.1.4 attached hereto. 
 ARTICLE 2 

MISCELLANEOUS 
 Section 2.1 Conditions to Effectiveness. This Amendment shall become effective upon satisfaction or waiver of the following conditions precedent, as determined by Agent in its sole
discretion: 
 (a) this Amendment shall have been duly executed and delivered by Agent, each Borrower and each
Lender; 
 (b) Borrowers shall deliver all other documents listed on, take all actions set forth on and satisfy
all other conditions precedent listed in the closing checklist attached hereto as Annex A, all in form and substance, or in a manner, reasonably satisfactory to Agent; 

(c) Borrowers shall have paid all fees and expenses to be paid to Agent and Lenders required to be paid pursuant to the
Fee Letter and Section 3.4 of the Loan Agreement on the First Amendment Date; and 
 (d) all representations
and warranties of Borrowers contained herein shall be true and correct in all respects. 
 Section 2.2
Representations, Warranties, and Covenants of Borrowers. Each Borrower hereby represents and warrants that as of the date of this Amendment and after giving effect hereto and to that certain Limited Waiver to Amended and Restated Loan
and Security Agreement, dated as of even date herewith (a) no event has occurred and is continuing which, after giving effect to this Amendment, constitutes a Default or an Event of Default, (b) the representations and warranties of such
Borrower contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such
representations and warranties specifically relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date, (c) the execution and delivery by such Borrower of this Amendment and the
performance by such Borrower of the Loan Agreement, as amended by this Amendment, are within such Borrower’s corporate powers and have been duly authorized by all necessary action, (d) this Amendment and the Loan Agreement, as amended by
this Amendment, are legal, valid, and binding obligations of such Borrower enforceable against such Borrower in accordance with their terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law), and (e) the execution and delivery by such Borrower of
this Amendment and the performance by such Borrower of the Loan Agreement, as amended by this Amendment, do not require the consent of any Person (other than that which has been obtained) and do not contravene the terms of such Borrower’s
Organic Documents, any Restrictive Agreement or any other indenture, agreement, or undertaking to which such Borrower is a party or by which such Borrower or any of its property is bound. 

  
 6 

 Section 2.3 Reference to and Effect on the Loan Agreement. Except as
expressly provided herein, the Loan Agreement and all other Loan Documents shall remain unmodified and in full force and effect and are hereby ratified and confirmed. The execution, delivery, and effectiveness of this Amendment shall not operate as
a waiver or forbearance of (a) any right, power, or remedy of Lenders under the Loan Agreement or any of the other Loan Documents or (b) any Default or Event of Default. This Amendment shall constitute a Loan Document. 

Section 2.4 Fees, Costs, and Expenses. Subject to and in accordance with Section 3.4 of the Loan
Agreement, Borrowers agree to pay on demand all reasonable costs and expenses of Agent in connection with the preparation, negotiation, execution and delivery, and closing of this Amendment and all related documentation, including the fees and
out-of-pocket expenses of counsel for Agent with respect thereto. 
 Section 2.5 Counterparts. This
Amendment may be executed in any number of counterparts and by different parties hereto as separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, when taken
together, shall constitute but one and the same agreement. A telecopy, pdf or similar electronic file of any such executed counterpart shall be deemed valid and may be relied upon as an original. 

Section 2.6 Effect; Ratification. 
 (a) Except as specifically set forth above, the Loan Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of Agent or any Lender under the Loan Agreement or any other Loan Document, nor constitute amendment of any provision of the Loan Agreement or any other Loan Document, except as specifically set forth herein. Upon the effectiveness of this
Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Loan Agreement as amended hereby.

 (c) Each Borrower acknowledges and agrees that the amendments set forth herein are effective solely for the
purposes set forth herein and that the execution and delivery by Agent and Lenders of this Amendment shall not be deemed (i) except as expressly provided in this Amendment, to be a consent to any amendment, waiver or modification of any term or
condition of the Loan Agreement or of any other Loan Document, (ii) to create a course of dealing or otherwise obligate Agent or Lenders to forbear, waive, consent or execute similar amendments under the same or similar circumstances in the
future, or (iii) to amend, prejudice, relinquish or impair any right of Agent or Lenders to receive any indemnity or similar payment from any Person or entity as a result of any matter arising from or relating to this Amendment. 

Section 2.7 Reaffirmation. Each Borrower hereby acknowledges and reaffirms all of its obligations and undertakings
under each of the Loan Documents to which it is a party and acknowledges and agrees that subsequent to, and after taking account of the provisions of this Amendment, each such Loan Document is and shall remain in full force and effect in accordance
with the terms thereof. 
 Section 2.8 No Oral Agreements. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 

  
 7 

 Section 2.9 GOVERNING LAW. THIS AMENDMENT, UNLESS OTHERWISE
SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS). 

[Signature Pages Follow] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first written above. 
  

			
	 BORROWERS:
  

OLYMPIC STEEL, INC.

		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	OLYMPIC STEEL LAFAYETTE, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	OLYMPIC STEEL MINNEAPOLIS, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	OLYMPIC STEEL IOWA, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	OLY STEEL WELDING, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer and Treasurer

 [Signature Page to First Amendment to 

Amended and Restated Loan and Security Agreement] 

 
			
	BORROWERS:
	
	OLY STEEL NC, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer and Treasurer
	
	TINSLEY GROUP-PS&W, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	IS ACQUISITION, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	
	CHICAGO TUBE AND IRON COMPANY
		
	By:	 	 /s/ Richard T. Marabito

	Name:	 	Richard T. Marabito
	Title:	 	Treasurer

 [Signature Page to First Amendment to 

Amended and Restated Loan and Security Agreement] 

 
			
	AGENT AND LENDERS:
	
	 BANK OF AMERICA, N.A.,
 as Agent and Lender

		
	By:	 	 /s/ Thomas H. Herron

	Name:	 	Thomas H. Herron
	Title:	 	Senior Vice President

 [Signature Page to First Amendment to 

Amended and Restated Loan and Security Agreement] 

 
			
	LENDERS:
	
	 COMERICA BANK,
 as Lender

		
	By:	 	 /s/ John E. Spidel

	Name:	 	John E. Spidel
	Title:	 	Vice President
	
	 CAPITAL ONE LEVERAGE FINANCE CORP.,
 as Lender

		
	By:	 	 /s/ Ari Kaplan

	Name:	 	Ari Kaplan
	Title:	 	Vice President
	
	 THE HUNTINGTON NATIONAL BANK,
 as Lender

		
	By:	 	 /s/ Elizabeth Murray

	Name:	 	Elizabeth Murray
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Lender

		
	By:	 	 /s/ Matthew Kasper

	Name:	 	Matthew Kasper
	Title:	 	Vice-President
	
	 WELLS FARGO CAPITAL FINANCE,
 as Lender

		
	By:	 	 /s/ David D’Onofrio

	Name:	 	David D’Onofrio
	Title:	 	Vice President
	
	 JPMORGAN CHASE BANK, N.A.,
 as Lender

		
	By:	 	 /s/ Timothy W. Kenealy

	Name:	 	Timothy W. Kenealy
	Title:	 	Authorized Signer
	
	 KEYBANK NATIONAL ASSOCIATION,
 as Lender

		
	By:	 	 /s/ Andrew Blickensderfer

	Name:	 	Andrew Blickensderfer
	Title:	 	Assistant Vice President

 [Signature Page to First Amendment to 

Amended and Restated Loan and Security Agreement] 

 SCHEDULE 1.1 
 to 
 Loan and Security Agreement 

COMMITMENTS OF LENDERS 
  

					
	 Lender
	  	Revolver Commitment	 
	 Bank of America, N.A.
	  	$	75,223,880.61	  
	 JPMorgan Chase Bank, N.A.
	  	$	65,820,895.52	  
	 KeyBank National Association
	  	$	42,313,432.84	  
	 Comerica Bank
	  	$	32,910,447.76	  
	 U.S. Bank National Association
	  	$	32,910,447.76	  
	 Wells Fargo Bank, National Association
	  	$	32,910,447.76	  
	 The Huntington National Bank
	  	$	18,805,970.15	  
	 Capital One Leverage Finance Corporation
	  	$	14,104,477.61	  
	 Total
	  	$	315,000,000	  
		  	  
	  
	 
		
	 Lender
	  	Closing Date Term Loan
Commitments	 
	 Bank of America, N.A.
	  	$	16,716,417.90	  
	 JPMorgan Chase Bank, N.A.
	  	$	14,626,865.67	  
	 KeyBank National Association
	  	$	9,402,985.07	  
	 Comerica Bank
	  	$	7,313,432.84	  
	 U.S. Bank National Association
	  	$	7,313,432.84	  
	 Wells Fargo Bank, National Association
	  	$	7,313,432.84	  
	 The Huntington National Bank
	  	$	4,179,104.48	  
	 Capital One Leverage Finance Corporation
	  	$	3,134,328.36	  
	 Total
	  	$	70,000,000	  
		  	  
	  
	 

 SCHEDULE 9.1.4 
 to 
 Loan and Security Agreement 

NAMES AND CAPITAL STRUCTURE 
  

	1.	The corporate names and jurisdictions of organization of each Borrower and Subsidiary, and authorized and issued Equity Interests of each Borrower (other than Olympic
Steel) and Subsidiary are as follows: 

  

							
	 Name
	    	 Jurisdiction
	    	 Number and Class of

Authorized Shares
	    	 Number and Class of

Issued Share and
 Record Owner

				
	Olympic Steel, Inc.	    	Ohio	    	 20,000,000 common shares no par value
  

5,000,000 preferred shares
	    	10,909,099 common shares as of March 12, 2012
				
	Olympic Steel Lafayette, Inc.	    	Ohio	    	 850 shares common stock,
 no
par value
	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Minneapolis, Inc.	    	Minnesota	    	100 shares common stock, no par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Iowa, Inc.	    	Iowa	    	100 shares common stock, no par value	    	100 shares (owned by Olympic Steel Minneapolis, Inc.)
				
	Oly Steel Welding, Inc.	    	Michigan	    	60,000 shares common stock, no par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Receivables L.L.C.	    	Delaware	    	NA	    	 99% membership interests issued to Olympic Steel, Inc.
 1% membership interest issued to Olympic Steel Receivables, Inc.

				
	Oly Steel NC, Inc.	    	Delaware	    	100 shares common stock, no par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Tinsley Group-PS&W, Inc.	    	North Carolina	    	100,000 shares common stock, no par value	    	5,000 shares (owned by Oly Steel NC, Inc.)

							
	 Name
	    	 Jurisdiction
	    	 Number and Class of

Authorized Shares
	    	 Number and Class of

Issued Share and
 Record Owner

				
	IS Acquisition, Inc.	    	Ohio	    	100 shares common stock, $.01 par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olyac, Inc.	    	Delaware	    	100 shares common stock, $.01 par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Receivables, Inc.	    	Delaware	    	850 shares common stock, $.01 par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Trading, Inc.	    	Ohio	    	850 shares common stock, no par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	G.S.P., LLC	    	Michigan	    	NA	    	100% membership interest issued to Oly Steel Welding, Inc.
				
	OLYAC II, Inc.	    	Delaware	    	100 shares of common stock, $.01 par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Chicago Tube and Iron Company	    	Delaware	    	300,000 shares of common stock, $.01 par value	    	100 shares (owned by Olympic Steel, Inc.)
				
	Metales de Olympic, S. de R.L. de C.V	    	Mexico	    	100 shares, no par value	    	100 shares (owned 1% by Olyac, Inc. and 99% by Olympic Steel Trading, Inc.)

  

	2.	All agreements binding on holders of Equity Interests of Borrowers (other than Olympic Steel) and Subsidiaries with respect to such interests are as follows:

 None. 
  

	3.	In the five years preceding the Closing Date, no Borrower or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a
merger or combination, except: 

 Tinsley / PS&W - June 2006 
 Integrity Stainless - Jan 2010 
 Chicago Tube and Iron – June 2011

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