CAW Ratifies Contract with Lakeside Steel

WELLAND, ON, Nov. 3, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside" or the "Company") today announced that members of the Canadian Auto Workers, Local 523 ("CAW Local Union"), the union representing approximately 350 employees at the Welland, Ontario, facilities of Lakeside Steel Corporation ("Lakeside Steel"), the wholly-owned subsidiary of Lakeside, ratified a new collective agreement for a three-year term ending October 31, 2014. The Company believes that the new agreement provides good benefits for both the CAW Local Union and Lakeside Steel.

Ron Bedard, President and Chief Operating Officer of Lakeside stated, "We are very pleased to have a new collective bargaining agreement in place with our Welland work force who continue to be one of the most highly skilled and committed in the industry."

About Lakeside Steel Inc.

Lakeside is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating facilities located in Welland, Ontario, and Corpus Christi, Texas, and three facilities currently being constructed in Thomasville, Alabama. Lakeside is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list of customers includes large oil and gas end users as well as distributors across North America.

Lakeside Steel Alabama will be a diversified steel pipe manufacturer with end-finishing and heat treat capabilities strategically situated in the southern United States on successful completion of construction of the new facilities in Thomasville, Alabama. Construction of the Alabama facilities is currently underway.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

SOURCE Lakeside Steel Inc.

For further information:

Ron Bedard 
President and Chief Operating Officer
Lakeside Steel Inc.
FAX:  (905)735-9069
e-mail: ron.bedard@lakesidesteelcorp.ca
    Ken Hunter 
Chief Financial Officer
Lakeside Steel Inc
FAX:  (905)735-9069
e-mail: ken.hunter@lakesidesteelcorp.ca

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Lakeside Steel Inc.

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