UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G Under the Securities and Exchange Act of 1934 (Amendment No. 3) Olympic Steel, Inc. ------------------------------------------------------------------ (Name of Issuer) Common Stock ------------------------------------------------------------------ (Title of Class of Securities) 68162K106 ------------------------------------------------------------------ (CUSIP Number) December 31, 2012 ------------------------------------------------------------------ (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1 (b) [ ] 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 the disclosures provided in a prior cover page. The information required in 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.) CUSIP NO. 68162K106 13G 1 Name of Reporting Person / IRS Identification Number: Piper Jaffray Companies / 30-0168701 ------------------------------------------------------------------ 2 Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] ------------------------------------------------------------------ 3 SEC Use Only ------------------------------------------------------------------ 4 Citizenship or Place of Organization Delaware ------------------------------------------------------------------ Number of 5 Sole Voting Power Shares 0 Shares ----------------------------------------------- Beneficially 6 Shared Voting Power Owned By 0 Shares ----------------------------------------------- Each 7 Sole Dispositive Power Reporting 0 Shares ----------------------------------------------- Person 8 Shared Dispositive Power With 0 Shares ------------------------------------------------------------------ 9 Aggregate Amount Beneficially Owned by Each Reporting Person 0 Shares ------------------------------------------------------------------ 10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] ------------------------------------------------------------------ 11 Percent of Class Represented by Amount in Row (9) 0% ------------------------------------------------------------------ 12 Type of Reporting Person HC ------------------------------------------------------------------ Item 1 (a) Name of Issuer: Olympic Steel, Inc. Item 1 (b) Name of Issuer's Principal Executive Offices: 5080 Richmond Road Bedford Heights, OH 44146 Item 2 (a) Person Filing: Piper Jaffray Companies Item 2 (b) Address: 800 Nicollet Mall Suite 800 Minneapolis, MN 55402 Item 2 (c) Citizenship: Piper Jaffray Companies is a Delaware Corporation Item 2 (d) Title of Class of Securities: Common Stock Item 2 (e) CUSIP Number: 68162K106 Item 3 This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the person filing, Piper Jaffray Companies, is a parent holding company in accordance with Section 240.13d-1(b)(ii)(G). (Note: See Item 7). Item 4 Ownership (a) Amount Beneficially Owned: Advisory Research, Inc. 0 Shares (b) Percent of Class 0% (c) Number of shares as to which reporting person has: (i) Sole Voting Power 0 Shares (ii) Shared Voting Power 0 Shares (iii) Sole Dispositive Power 0 Shares (iv) Shared Dispositive Power 0 Shares 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: None Item 7 Identification and Classification of the Subsidiary Which Acquired the Security being Reported on by the Parent Holding Company: Item 8 Identification and Classification if 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 acquired and are held in the ordinary course of business and 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 such securities and were not acquired and are not held in connection with or as a participant in any transaction having such purposes or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. 2/14/2013 ---------------------------------- Date Piper Jaffray Companies By /s/ Brien M. O'Brien ---------------------------------- Signature Brien M. O'Brien Head of Asset Management ---------------------------------- Name/Title Advisory Research, Inc. By /s/ Brien M. O'Brien ---------------------------------- Signature Brien M. O'Brien Chief Executive Officer ---------------------------------- Name/Title JOINT FILING AGREEMENT The undersigned persons, on February 14, 2013, agree and consent to the joint filing on their behalf of this Schedule 13G in connection with their beneficial ownership of the Common Stock of Olympic Steel, Inc. at December 31, 2012. Piper Jaffray Companies By /s/ Brien M. O'Brien ---------------------------------- Signature Brien M. O'Brien Head of Asset Management ---------------------------------- Name/Title Advisory Research, Inc. By /s/ Brien M. O'Brien ---------------------------------- Signature Brien M. O'Brien Chief Executive Officer ---------------------------------- Name/Title