UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) — April 26, 2006
Commission File Number 0-23320
OLYMPIC STEEL, INC.
(Exact name of registrant as specified in its charter)
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Ohio
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34-1245650 |
(State or other jurisdiction of
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(I.R.S. Employer Identification Number) |
incorporation or organization)
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5096 Richmond Road, Bedford Heights, Ohio
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44146 |
(Address of principal executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code (216) 292-3800
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under and of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
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Pre-commencement communications pursuant to Rule 13e-4 under the Exchange Act (17 CFR 240.13e-4(c) |
Item 1.01.
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 26, 2006, the Company entered into an amendment of its credit facility. The amendment,
subject to the terms and conditions set forth therein: (i) extends the maturity date of the
existing credit facility from December 15, 2008 to December 15, 2009; (ii) increases the annual
limitation on capital expenditures from $15 million to $25 million; and (iii) increases the basket
for investments in joint ventures from $2.5 million to $10 million.
On April 26, 2006, the Compensation Committee approved and ratified and the Company executed the
plan document for the supplemental executive retirement plan (the “Plan”), the term of which were
previously adopted and reported in the Company’s 8-K filing of December 29, 2005.
The foregoing summary is qualified in its entirety by reference to the full and complete terms of
Amendment No. 11 to the Amended and Restated Credit Agreement filed as Exhibit 4.13 hereto and of
the Supplemental Executive Retirement Plan filed as Exhibit 10.20 hereto.
Item 8.01.
OTHER INFORMATION
On April
26, 2006, the Board of Directors, upon the recommendation of the
Nominating Committee, appointed James B. Meathe as Chairman of the
Compensation Committee. Mr. Meathe has served as an independent
member of the Board of Directors and as a member of the Compensation
Committee since 2001. Mr. Meathe replaces Thomas M. Forman as
Chairman of the Compensation Committee. Mr. Forman, who had served as
the Compensation Committee Chairman for over 10 years, continues to serve
as an independent member of the Board of Directors and as a member of
the Compensation Committee.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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Description of Exhibit |
4.13
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Amendment No. 11 to Amended and Restated Credit Agreement and Waiver dated
April 26, 2006 by and among the Registrant, five banks and Comerica Bank, as
Administrative Agent. |
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10.20
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Olympic Steel, Inc. Supplemental Executive Retirement Plan |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OLYMPIC STEEL, INC. |
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Date:
April 28, 2006
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By:
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/s/ Richard T. Marabito |
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Richard T. Marabito |
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Chief Financial Officer |
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