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                                                                    EXHIBIT 24.1

                                POWER OF ATTORNEY
                               OLYMPIC STEEL, INC.

               KNOW ALL MEN BY THESE PRESENTS, that OLYMPIC STEEL, INC., an Ohio
corporation, and each person whose name is signed below hereby constitutes and
appoints Michael D. Siegal, R. Louis Schneeberger and Richard T. Marabito and
each of them, their attorneys-in-fact and agents, with full power of
substitution and resubstitution, for and on behalf of Olympic Steel, Inc, and
the undersigned directors and/or officers of Olympic Steel, Inc. and each of
such directors and officers, to sign any or all documents or post-effective
amendments to Olympic Steel, Inc.'s Registration Statement on Form S-8, and to
file the same, with Exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission relating to the Common
Stock to be issued under the Olympic Steel Inc. Stock Option Plan, granting such
attorneys-in-fact and agents full power and authority to so and perform each and
every act and thing requisite and necessary in connection with such matters and
hereby ratifying and confirming all that such attorney-in-fact and agents or
their substitutes may do or cause to be done by virtue hereof.

               This Power of Attorney of Olympic Steel, Inc. and the directors 
and officers of Olympic Steel, Inc. may be executed in multiple counterparts,
each of which shall be deemed an original with respect to the person executing
it.

               IN WITNESS WHEREOF, this Power of Attorney has been signed in
Cleveland, Ohio this 23rd day of August, 1996.

                                        OLYMPIC STEEL, INC.

                                        By: /s/ R. Louis Schneeberger
                                           -------------------------------------
                                            R. Louis Schneeberger,
                                            Chief Financial Officer

DIRECTORS AND OFFICERS:

/s/ Bruce S. Adelstein                      /s/ R. Louis Schneeberger
- ----------------------------------------    ------------------------------------
Bruce S. Adelstein                          R. Louis Schneeberger,
Vice President - Operations and Director    Chief Financial Officer and Director


/s/ Martin H. Elrad                         /s/ Michael D. Siegal
- ----------------------------------------    ------------------------------------
Martin H. Elrad, Director                   Michael D. Siegal, President, Chief
                                            Executive Officer and Chairman of 
                                            the Board


/s/ Thomas M. Forman                        /s/ David A. Wolfort
- ----------------------------------------    ------------------------------------
Thomas M. Forman, Director                  David A. Wolfort,
                                            Chief Operating Officer and Director


/s/ Janice M. Margheret                     /s/ Richard T. Marabito
- ----------------------------------------    ------------------------------------
Janice M. Margheret, Director               Richard T. Marabito, Treasurer
                                            and Corporate Controller