Olympic Steel Announces Termination of Employment Agreements for Key Executives

Olympic Steel, Inc. (NASDAQ: ZEUS) disclosed on its recent Form 8-K filing an update regarding the termination of employment agreements for key executives. As of December 18, 2024, the company and each of Mr. Richard A. Manson, Chief Financial Officer, and Mr. Andrew S. Greiff, President and Chief Operating Officer, have mutually agreed to terminate their individual employment agreements and management retention agreements. This decision will take effect on the same date, and the executives will transition to the Olympic Steel, Inc. Key Employee Severance Benefit Plan.

The Severance Plan, originally approved by the Board of Directors on November 2, 2023, has been designed to provide severance protection to key employees. The benefits offered under this plan will align with the existing severance benefits outlined in the individual agreements, ensuring a smooth transition for the executives involved.

A detailed copy of the Severance Plan has been included as Exhibit 10.43 in the Form 8-K filing, allowing for transparency and clarity regarding the terms and conditions of the plan.

This strategic move reflects Olympic Steel’s commitment to managing its executive talent and ensuring a seamless transition process for its key personnel. The decisions taken are aimed at maintaining operational efficiency and continuity within the company.

Investors and stakeholders are advised to refer to the official Form 8-K filing dated December 18, 2024, for comprehensive details regarding this recent development.END

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Olympic Steel’s 8K filing here.

About Olympic Steel

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.