SIEGAL MICHAEL D 4

What Happened

• Michael D. Siegal, Executive Chairman of the Board and a director of Olympic Steel, disposed of 1,067,072 shares of Olympic Steel common stock on February 13, 2026. The Form 4 lists the price as N/A because the shares were disposed pursuant to a merger, not an open-market sale.
• Under the Merger Agreement (Oct 28, 2025) among Olympic Steel, Ryerson Holding Corporation (Parent), and Crimson MS Corp., each Olympic Steel share was converted into the right to receive 1.7105 shares of Parent (rounded down to whole shares) plus a cash payment in lieu of any fractional shares. The filing does not state a cash or total dollar amount received.

Key Details

• Transaction date: 2026-02-13. Filing date (Form 4): 2026-02-17 (timely).
• Price per share / total value: N/A in the filing (consideration was Parent shares plus cash for fractions per Merger Agreement).
• Shares disposed: 1,067,072 Olympic Steel common shares (Disposition to issuer, code D).
• Shares owned after transaction: not specified in the provided filing summary.
• Notable footnote: The disposition was pursuant to the Agreement and Plan of Merger; conversion ratio = 1.7105 Parent shares per Olympic Steel share (rounded down), plus cash for fractional shares.
• Filing timeliness: Filed four calendar days after the transaction but within the Form 4 two-business-day requirement (Feb 16 was a federal holiday).

Context

• This was not an open-market sale by the insider but a corporate-event disposition under a merger agreement; the shares were converted into Parent stock and cash for fractions. That type of disposition reflects the deal mechanics rather than a signal of the insider’s personal trading decision.
• To estimate proceeds, check the Parent’s share price at the effective conversion date and the merger consideration terms in the Merger Agreement.