WELLAND, ON, Sept. 19, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)
("Lakeside" or the "Company") today announced that construction of the
Company's new USD $7.5M state of the art tubing thermal and
end-finishing facility in Thomasville, Alabama, is ahead of schedule.
With the support of Alabama Power, Clarke County and the City of
Thomasville, the tubing phase of the processing facility will be ready
for production in February 2012, which is ahead of the original
completion date in June 2012. This accelerated completion will allow
Lakeside to produce the high-quality thermal treated products required
This facility will significantly improve margins and increase demand for
product produced in Welland, Ontario. The higher value added grades
(N80, L80 and P110) produced at the new facility are in high demand for
the most technically advanced shale drilling plays throughout North
Ron Bedard, President and Chief Operating Officer commented: "We are
very pleased by the progress of our project team in Thomasville. Our
project team has worked closely with local and state officials, Alabama
Power, and our equipment suppliers to expedite construction. This will
accelerate Lakeside's time to market and return on capital for this
facility. In addition, the early start up will enable Lakeside to offer
its customers a broader range of higher value added tubular products."
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.
This press release may contain forward-looking statements with respect
to the Company, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as "may", "will", "expect", "estimate",
"anticipate", intends", "believe" or "continue" or the negative thereof
or similar variations. The actual results and performance of the
Company discussed herein could differ materially from those expressed
or implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion, and Analysis, Annual Information Form and
Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements
attributable to the Company and persons acting on their behalf. Unless
otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update
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: