Lakeside Steel announces two new independent director nominees

WELLAND, ON, April 28 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company") a leading North American producer of OCTG casing and tubing, is pleased to announce that management intends to nominate two new independent directors, Mr. Robert J. Milbourne and Mr. Tony Meti, to its Board at its next Annual General Meeting of shareholders (the "Meeting").

At the Meeting, Lakeside's shareholders will be asked to approve the increase in the size of the Board of Directors from six members to eight, with Messrs. Meti and Milbourne being nominated to fill the two new positions.

Mr. Milbourne has over thirty years of executive and operational experience in the iron and steel manufacturing and processing sector. Prior to his retirement in 2007, he held the positions of President, Chief Operating Officer and was a member of the Board of Directors of Stelco Inc. (now U.S. Steel Canada). He was also formerly the Chairman and Chief Executive Officer of Alta Steel Ltd., a mini-mill steel maker based in Alberta. Since leaving Stelco, Mr. Milbourne has established an independent business advisory practice that provides strategic and operational advice to major private and public sector clients.  In addition to Stelco, Mr. Milbourne previously sat on the Board of Directors of numerous companies including Hatch Associates Ltd., and Bruce Power Inc. and is currently a Board member of Osceola Steel Company.

Mr. Meti has over thirty years of experience within Canadian chartered banks where he held various management and executive positions. His positions included Senior Vice-President, Commercial Banking International, from 2002 to 2007, and Senior Vice-President, Commercial Banking for North America, from 2000 to 2002, with the National Bank of Canada. Since 2007, Mr. Meti has been the President of G.D.N.P Consulting Services Inc., a firm that specializes in merger and acquisition advisory, debt and equity financing and corporate restructurings. Mr. Meti currently serves as a Board Member and Member of the Audit Committee for Saputo Inc., and ADF Group Inc.

Vic Alboini, Chairman and Chief Executive Officer  of the Company, stated, "We are extremely pleased that Bob and Tony have accepted our invitation to be nominated to join the Board of Directors of Lakeside Steel at the next Annual General Meeting and look forward to their contributions as the Company grows and moves forward with its expansion plans. Their business experience, contacts and track record of success will be a great asset to the Company and its shareholders. As well, adding two high quality independent directors further emphasizes the Company's focus on continuing to improve its corporate governance practices."

The addition of Messrs. Meti and Milbourne to the Company's Board of Directors at the Meeting is subject to receipt of all required regulatory and shareholder approval. The date for the Meeting and the record date for voting thereat are expected to be determined and announced concurrently with the release of the Company's audited annual financial statements for the year ended March 31, 2011.

About Lakeside Steel Inc.

Lakeside Steel is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation ("Lakeside").  Lakeside, located in Welland, Ontario, 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 also indirectly wholly-owns Lakeside Steel Alabama which will be a diversified steel pipe manufacturer strategically situated in the southern United States on successful completion of the construction of the new facility in Thomasville, Alabama. Construction of the Alabama facility 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 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 such statements.

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 Steel 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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