The first ideas for optimized Schwarz methods for Maxwell's equations came from the analysis of optimized Schwarz methods for the Helmholtz equation, see [3, 4, 2, 11]. For the case of the rot-rot formulation of the Maxwell equations, optimized Schwarz methods were developed in [1]. The systematic study of Schwarz methods for Maxwell's equations in their general formulation was started in [9, 10], and an entire hierarchy of families of optimized Schwarz methods was analyzed in [8], see also [5] for discontinuous Galerkin discretizations and large scale experiments. We present in this paper a first analysis of optimized Schwarz methods for Maxwell's equations with non-zero electric conductivity. We illustrate our analysis with numerical experiments.