.
                                                                               .
                                                                               .
                                                                      EXHIBIT 21

                  LIST OF SUBSIDIARIES OF OLYMPIC STEEL, INC.




NAME OF SUBSIDIARY                           STATE OF ORGANIZATION                               % OWNERSHIP
- ------------------                           ---------------------                               -----------
                                                                                         
Olympic Steel Lafayette, Inc.                Ohio                                                100%

Olympic Steel Minneapolis, Inc.              Minnesota                                           100%

Olympic Steel Receivables, Inc.              Delaware                                            100%

Olympic Steel Receivables LLC                Delaware                                            100%  (a)

Olympic Steel Trading, Inc.                  Ohio                                                100%

Oly Steel Welding, Inc.                      Michigan                                            100%

Olympic Steel Iowa, Inc.                     Iowa                                                100%  (b)

OLP LLC                                      Michigan                                             50%  (c)

G.S.P., LLC                                  Michigan                                             49%  (d)





(a)  Owned 100% by Olympic Steel, Inc. and Olympic Steel Receivables, Inc.

(b)  Owned 100% by Olympic Steel Minneapolis, Inc.

(c)  Owned 50% by Oly Steel Welding, Inc.

(d)  Owned 49% by Oly Steel Welding, Inc.


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