Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
 
SCHEDULE 13G
(Rule 13d-102)
 
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 
 
Olympic Steel, Inc.
(Name of Issuer)
 
Common Stock
(Title of Class of Securities)
 
 
68162K106
(CUSIP Number)
 
 
December 31, 2008
Date of Event Which Requires Filing of the Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
[   ]
Rule 13d-1(b)
 
[X]
Rule 13d-1(c)
 
[   ]
Rule 13d-1(d)
 
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

 
Page 1 of 16
 
CUSIP NO.  68162K106
13G
Page 2 of 16 Pages

 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Investment Group, L.L.C.
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(1) as of December 31, 2008
 
12.
 
TYPE OF REPORTING PERSON
OO; HC

1   Based on 10,861,710 outstanding shares of the Common Stock of Issuer, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, as filed with the Securities and Exchange Commission on November 7, 2008.
 
Page 2 of 16
 
CUSIP NO.  68162K106
13G
Page 3 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Investment Group II, L.L.C.
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(2) as of December 31, 2008
 
12.
 
TYPE OF REPORTING PERSON
OO; HC

2   See footnote 1 above.
 
Page 3 of 16
 
CUSIP NO.  68162K106
13G
Page 4 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Limited Partnership
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited partnership
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(3) as of December 31, 2008
 
12.
 
TYPE OF REPORTING PERSON
PN; HC

3   See footnote 1 above.
 
Page 4 of 16
 
CUSIP NO.  68162K106
13G
Page 5 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Kenneth Griffin
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(4) as of December 31, 2008
 
12.
 
TYPE OF REPORTING PERSON
IN; HC

4   See footnote 1 above.
 
Page 5 of 16
 
CUSIP NO.  68162K106
13G
Page 6 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Holdings I LP
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited partnership
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o  
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(5) as of December 31, 2008
 
 
12.
 
 
TYPE OF REPORTING PERSON
PN; HC

5   See footnote 1 above.
 
Page 6 of 16
 
CUSIP NO.  68162K106
13G
Page 7 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Holdings II LP
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited partnership
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o  
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(6) as of December 31, 2008
 
 
12.
 
 
TYPE OF REPORTING PERSON
PN; HC

6   See footnote 1 above.
 
Page 7 of 16
 
CUSIP NO.  68162K106
13G
Page 8 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Advisors LLC
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o  
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(7) as of December 31, 2008
 
 
12.
 
 
TYPE OF REPORTING PERSON
OO; HC

7   See footnote 1 above.
 
Page 8 of 16
 
CUSIP NO.  68162K106
13G
Page 9 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Derivatives Group LLC
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o  
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(8) as of December 31, 2008
 
 
12.
 
 
TYPE OF REPORTING PERSON
OO; BD

8   See footnote 1 above.
 
Page 9 of 16
 
CUSIP NO.  68162K106
13G
Page 10 of 16 Pages
 
 
1.
 
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Citadel Derivatives Trading Ltd.
 
2.
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)    x
(b)    o
 
3.
 
SEC USE ONLY
 
 
4.
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands company
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
 
5.
 
SOLE VOTING POWER
0
 
6.
 
SHARED VOTING POWER
 
94,129 shares
 
 
7.
 
SOLE DISPOSITIVE POWER
0
 
8.
 
SHARED DISPOSITIVE POWER
See Row 6 above.
 
9.
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
 
10.
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
 o 
 
11.
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
Approximately 0.9%(9) as of December 31, 2008
 
 
12.
 
 
TYPE OF REPORTING PERSON
CO

9   See footnote 1 above.
 
Page 10 of 16
 
CUSIP NO.  68162K106
13G
Page 11 of 16 Pages
 
Item 1(a)
Name of Issuer:   Olympic Steel, Inc.
 
 
1(b)
Address of Issuer’s Principal Executive Offices:
 
5096 Richmond Road,
Bedford Heights, Ohio 44146

Item 2(a)
Name of Person Filing(10)
Item 2(b)
Address of Principal Business Office
Item 2(c)
Citizenship
 
Citadel Investment Group, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company
 
Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company
 
Citadel Limited Partnership
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited partnership
 
Kenneth Griffin
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
U.S. Citizen
 
Citadel Holdings I LP
c/o Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited partnership

10
Citadel Derivatives Group LLC (“CDG”) is majority owned by Citadel Derivatives Group Investors, LLC, a Delaware limited liability company (“CDGI”).   CDGI does not have control over the voting or disposition of securities held by CDG.  Citadel Derivatives Trading Ltd. (“CDT”) is majority owned by CLP Holdings LLC, a Delaware limited liability company (“CLPH”).  CLPH does not have control over the voting or disposition of securities held by CDT.
 
Page 11 of 16
 
CUSIP NO.  68162K106
13G
Page 12 of 16 Pages
 
Citadel Holdings II LP
c/o Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited partnership
 
Citadel Advisors LLC
c/o Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company
 
Citadel Derivatives Group LLC
c/o Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company

Citadel Derivatives Trading Ltd.
c/o Citadel Investment Group II, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Cayman Islands company
 
 
 2(d)                Title of Class of Securities:
 
Common Stock, no par value
 
 2(e)                 CUSIP Number:                                             68162K106
 
Item 3
If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
 
 
(a)
[__]
Broker or dealer registered under Section 15 of the Exchange Act;
 
 
(b)
[__]
Bank as defined in Section 3(a)(6) of the Exchange Act;
 
 
(c)
[__]
Insurance company as defined in Section 3(a)(19) of the Exchange Act;
 
 
(d)
[__]
Investment company registered under Section 8 of the Investment Company Act;
 
 
(e)
[__]
An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

 
Page 12 of 16
 
CUSIP NO.  68162K106
13G
Page 13 of 16 Pages

 
 
(f)
[__]
An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
 
 
(g)
[__]
A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
 
 
(h)
[__]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
 
 
(i)
[__]
A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
 
 
(j)
[__]
Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
 
If this statement is filed pursuant to Rule 13d-1(c), check this box. x
 
Item 4
Ownership:
CITADEL INVESTMENT GROUP, L.L.C.
CITADEL INVESTMENT GROUP II, L.L.C.
CITADEL LIMITED PARTNERSHIP
KENNETH GRIFFIN
CITADEL HOLDINGS I LP
CITADEL HOLDINGS II LP
CITADEL ADVISORS LLC
CITADEL DERIVATIVES GROUP LLC
CITADEL DERIVATIVES TRADING LTD.

(a)            Amount beneficially owned:
 
94,129 shares
 
(b)            Percent of Class:
 
Approximately 0.9%(11) as of December 31, 2008
 
(c)            Number of shares as to which such person has:
 
 
(i)
sole power to vote or to direct the vote:
 
 
0
 
 
(ii)
shared power to vote or to direct the vote:
 
 
See Item 4(a) above.

11
See footnote 1 above.
 
Page 13 of 16
 
CUSIP NO.  68162K106
13G
Page 14 of 16 Pages

 
 
(iii)
sole power to dispose or to direct the disposition of:
 
 
0
 
 
(iv)
shared power to dispose or to direct the disposition of:
 
 
See Item 4(a) above.
 
Item 5
Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: x

Item 6
Ownership of More than Five Percent on Behalf of Another Person:

Not Applicable.

Item 7
Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:

See Item 2 above.

Item 8
Identification and Classification of Members of the Group:

Not Applicable.

Item 9
Notice of Dissolution of Group:

Not Applicable.
 
Item 10
Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
* John C. Nagel is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission on February 24, 2006, and hereby incorporated by reference herein.  The power of attorney was filed as an attachment to a filing by Citadel Limited Partnership on Schedule 13G for Morgans Hotel Group Co.
 
Page 14 of 16
 
CUSIP NO.  68162K106
13G
Page 15 of 16 Pages


After reasonable inquiry and to the best of its knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
 
Dated this 13th day of February, 2009
KENNETH GRIFFIN
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, attorney-in-fact*
 
CITADEL LIMITED PARTNERSHIP
 
By:  Citadel Investment Group, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
CITADEL DERIVATIVES GROUP LLC
 
By:  Citadel Holdings I LP,
        its Manager
 
By:  Citadel Investment Group II, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
CITADEL INVESTMENT GROUP II, L.L.C.
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
CITADEL HOLDINGS I LP
 
By:  Citadel Investment Group II, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
CITADEL INVESTMENT GROUP, L.L.C.
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
CITADEL DERIVATIVES TRADING LTD.
 
By:  Citadel Advisors LLC,
        its Portfolio Manager
 
By:  Citadel Holdings II LP,
        its Sole Managing Member
 
By:  Citadel Investment Group II, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
 
 
 
Page 15 of 16
 
CUSIP NO.  68162K106
13G
Page 16 of 16 Pages
 
CITADEL HOLDINGS II LP
 
By:  Citadel Investment Group II, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
       John C. Nagel, Authorized Signatory
 
 
 
 
CITADEL ADVISORS LLC
 
By:  Citadel Holdings II LP,
        its Sole Managing Member
 
By:  Citadel Investment Group II, L.L.C.,
        its General Partner
 
By:  /s/ John C. Nagel                                                  
        John C. Nagel, Authorized Signatory
 
 
Page 16 of 16