Exhibit 99.2

OLYMPIC STEEL, INC.

UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

The following unaudited pro forma combined financial information (“Pro Forma Information”) is based on the historical consolidated financial information of Olympic Steel, Inc. (“we” or “Olympic”), which is included in Olympic’s Annual Report on Form 10-K for the year ended December 31, 2022, and the financial information of Metal-Fab, Inc. (“Metal-Fab”), which is included in Exhibit 99.1 to Olympic’s Current Report on Form 8-K/A (the “Form 8-K/A”), and has been prepared to reflect the acquisition of all of the outstanding capital stock of Metal-Fab by Olympic (the “Acquisition”).

The unaudited pro forma combined balance sheet combines the historical balance sheets of Olympic and Metal-Fab as of December 31, 2022, giving effect to the Acquisition as if it had been consummated on December 31, 2022. The unaudited pro forma combined statement of Net Income (Loss) combines the historical income statements for Olympic and Metal-Fab, giving effect to the acquisition as if it had been consummated on January 1, 2022. The historical financial information of Olympic and Metal-Fab for the year ended December 31, 2022, is derived from the audited financial statements of Olympic and Metal-Fab, respectively, but does not include all disclosures required by accounting principles generally accepted in the United States of America.

The unaudited pro forma combined financial information was prepared using the acquisition method of accounting. Accordingly, the historical consolidated financial information has been adjusted to give effect to the impact of the consideration issued by Olympic to Metal-Fab’s stockholders in connection with the Acquisition and the effect of debt financing necessary to complete the transaction. The pro forma adjustments are based on the preliminary information available at the time of the preparation of the Form 8-K/A. For purposes of this pro forma financial information, Olympic has made a preliminary allocation of the estimated purchase price to the assets acquired and liabilities assumed based on various estimates of their fair value. These pro forma purchase price allocation adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma combined financial information and are subject to revision based on a final determination of fair value. Final determinations of fair value may differ materially from those presented herein. The unaudited pro forma combined statement of Net Income (Loss) also includes certain purchase accounting adjustments, including items expected to have a continuing impact on combined results, such as increased depreciation and amortization expense on acquired assets.

The unaudited pro forma combined financial information does not reflect the cost of any integration activities or benefits that may result from synergies that may be derived from integration activities. Therefore, the actual amounts reflected in our statement of unaudited combined operations may differ materially from the information presented in the accompanying pro forma financial statements.

The unaudited pro forma combined financial information also reflects the impact of Olympic’s January 3, 2023 amendment to its Third Amended and Restated Loan and Security Agreement, which increased the availability under its revolving credit facility from $475.0 million to $625.0 million.

Certain amounts in the historical Metal-Fab financial statements have been reclassified to conform to Olympic’s financial statement presentation. Management believes that there could be additional reclassifications. Based on Olympic’s review of Metal-Fab’s summary of significant accounting policies disclosed in Metal-Fab’s financial statements, the nature and amount of any adjustments to the financial statements of Metal-Fab to conform their accounting policies to those of Olympic are not expected to be significant. Further review of Metal-Fab’s accounting policies and financial statements may result in required revisions to Metal-Fab’s policies to conform to those of Olympic.

The unaudited pro forma combined financial information is presented for informational purposes only. The unaudited pro forma combined financial information is not necessarily indicative of what the combined companies’ financial position or results of operations actually would have been had the Acquisition been completed at the dates indicated. In addition, the unaudited pro forma combined information does not purport to project the future financial position or operating results of the combined company.

Olympic Steel, Inc.

Unaudited Pro Forma Combined Balance Sheet

As of December 31, 2022

(in thousands)

The accompanying notes are an integral part of the Pro Forma Information.

Olympic Steel, Inc.

Unaudited Pro Forma Combined Statement of Net Income (Loss)

For the Year Ended December 31, 2022

(in thousands, except per share data)

The accompanying notes are an integral part of the Pro Forma Information.

Notes to Unaudited Pro Forma Combined Financial Information

On January 3, 2023, Olympic purchased all of the outstanding shares of capital stock of Metal-Fab for a cash purchase price of $131.2 million. Metal-Fab, headquartered in Wichita, Kansas, is a manufacturer of venting, micro air and clean air products for residential, commercial and industrial applications.

The accompanying unaudited pro forma combined financial information presents the pro forma combined financial position and results of operations of the combined company based upon the historical financial statements of Olympic and Metal-Fab, after giving effect to the Acquisition adjustments described in these notes, and is intended to reflect the impact of the Acquisition on Olympic. Certain amounts in Metal-Fab’s historical financial statements have been reclassified to conform to Olympic’s presentation.

The allocation of the purchase price to the assets acquired and liabilities assumed in the pro forma financial information is based on management’s preliminary valuation estimates and are subject to revisions, which may be material.

The total purchase price of the Acquisition was $131.2 million. There was no working capital adjustment required. The determination of the excess of purchase price over the historical Metal-Fab book values of the assets acquired and liabilities assumed as of December 31, 2022 is as follows (in millions):

Liabilities assumed does not include $4.8 million of other accrued liabilities related to payments made in connection with the Acquisition by Metal-Fab, including transaction bonuses and change in control payments triggered as a result of the Acquisition.

For purposes of the Pro Forma Information presented as of December 31, 2022, the cash purchase price was funded by $131.2 million of debt borrowed under the revolving credit facility (the “ABL Credit Facility”) provided by our Third Amended and Restated Loan and Security Agreement.

In connection with the Acquisition, the Company entered into a Sixth Amendment to Third Amended and Restated Loan and Security Agreement, which increased the availability under our existing ABL Credit Facility from $475 million to $625 million. In addition, the amendment allows the Company to include the eligible assets of Metal-Fab in its borrowing base.

The Pro Forma Information includes the following pro forma adjustments to reflect (1) the effects of additional financing necessary to complete the Acquisition and (2) the allocation of the purchase price, including adjusting assets and liabilities to fair value, with related changes in revenues, costs and expenses.

Combined Balance Sheet Pro Forma Adjustments:

Pursuant to ASC 350, Intangibles – Goodwill and Other, goodwill is not amortized; rather, impairment tests are performed at least annually or more frequently if circumstances indicate an impairment may have occurred. If impairment exists, the goodwill is immediately written down to its fair value through a current charge to earnings. Accordingly, the goodwill arising from the Acquisition will be subject to an impairment test at least annually.

Combined Statement of Net Income (Loss) Pro Forma Adjustments:

The table that follows provides a reconciliation of non-GAAP measures to the most directly comparable measures prepared in accordance with GAAP.

Reconciliation of Net Income Per Diluted Share to

Adjusted Net Income Per Diluted Share

(Figures may not foot due to rounding.)

The following table reconciles adjusted net income per diluted share to the most directly comparable GAAP

financial measure:

Reconciliation of Net Income to Adjusted EBITDA

(in thousands)

The following table reconciles Adjusted EBITDA to the most directly comparable GAAP financial measure:

In addition to financial information prepared in accordance with GAAP, this document also contains adjusted earnings per diluted share and adjusted EBITDA, which are non-GAAP financial measures. Management’s view of the Company’s performance includes adjusted earnings per share and adjusted EBITDA, and management uses these non-GAAP financial measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these non-GAAP financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Additionally, the presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is provided above.