Dissolution of Olympic Continental Resources L.L.C.
Cleveland, Ohio - (September 29, 1999) Olympic Steel, Inc. (Nasdaq: ZEUS) and Uwe T. Schmidt, the remaining members of Olympic Continental Resources, L.L.C. (OCR), announced today that Stahlschmidt Incorporated, N.A. (Stahlschmidt), a company owned by Schmidt, will incorporate the domestic scrap metal trading activities and scrap management programs, which have been pursued by OCR, into Stahlschmidt's existing international commodity trading, and consulting business.
Michael D. Siegal, Olympic Steel's Chairman and Chief Executive Officer, stated that although the relationship between Olympic Steel and Schmidt as members of OCR is ending, it is envisioned that Olympic Steel and Schmidt will continue their business relationship through Stahlschmidt's provision of products and services that would be beneficial to Olympic Steel.
Schmidt stated that he values his continuing relationship with Olympic Steel and its management team and thanked them for their support as fellow partners in OCR. He added that their professionalism and work ethic will continue to serve as a model for Stahlschmidt's business activities.
Contacts: Uwe T. Schmidt
President & CEO
Stahlschmidt Incorporated, N.A.
Telephone: (216) 595-5200
Fax: (216) 595-1275
Michael D. Siegal
Chairman and Chief Executive Officer
Olympic Steel, Inc.
Telephone: (216) 292-3800
Fax: (216) 292-3974
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