WELLAND, ON, April 24 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside
Steel") today announced the temporary layoff of 4 hourly employees at Lakeside
Steel Corporation ("Lakeside" or the "Company"), its wholly owned subsidiary,
at the Company's manufacturing facility in Welland, Ontario. Up to 25
additional temporary layoffs, which represents approximately 18% of its
unionized workforce, are expected to occur over the next two weeks. These
actions are taken to reduce costs in declining steel markets.
In order to further contain costs due to reduced orders for products from
its stretch reduction mill (the "SRM"), Lakeside will temporarily shutdown its
SRM on the close of business today. The temporary shutdown is expected to last
up to four weeks. Lakeside currently has orders that will begin production in
the SRM no later than May 25, 2009. During this shutdown period, the Company
will perform certain necessary maintenance work on the SRM. The Company will
use this opportunity to expand the skill set of certain SRM employees through
production training in the Company's electric resistance weld mill which is
known as the eight-inch mill.
About Lakeside Steel Inc.
Lakeside Steel is the parent company of 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, Australia and the United
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 is 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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Vic Alboini, Chairman & Chief Executive
Officer, Lakeside Steel Inc., (416) 644-8110, Fax: (416) 644-0271, e-mail:
email@example.com; Ken Hunter, Chief Financial Officer, Lakeside Steel
Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: