WELLAND, ON, March 31 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company") today announced it will increase production in its Upsetting and Threading Operation by adding additional production shifts to meet significantly stronger demand for Lakeside Steel's end-finished OCTG products booked for the quarter ending June 30, 2010.
The increased demand for the Company's OCTG products has been driven both by the enhanced end-finishing capabilities of Lakeside Steel's new upsetting and threading operations which became operational in December 2009, and also by increased prices for oil and natural gas. Favorable rulings in OCTG-related trade cases in Canada and the United States involving Chinese manufactured products have also positively impacted Canadian OCTG manufacturers.
Lakeside has secured sufficient orders for the new facility to remain fully loaded for the entire first quarter and continues to receive orders beyond June 30, 2010.
Ron Bedard, Lakeside Steel's President and COO stated, "We are encouraged with the recent increases in demand and pleased that Lakeside has been able to respond quickly to the demand for the higher value added products that our new facility produces. Our upset and threading capabilities are the newest in North America and have positioned the Company to take full advantage of the increased demand we are seeing in 2010. We continue to focus on cost reduction, margin enhancement and growth opportunities".
About Lakeside Steel Inc.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corp. ("Lakeside"). Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern Canada and the Northeastern United States. Lakeside manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada and the United States.
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(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
SOURCE LAKESIDE STEEL INC.
For further information: For further information: Ron Bedard, President and Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext 7294, Fax: (905) 735-9069, e-mail: firstname.lastname@example.org; Ken Hunter, Chief Financial Officer, Lakeside Steel Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: email@example.com