WELLAND, ON, March 23 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company") welcomes the Canadian International Trade Tribunal's ("CITT") determination that Chinese imports of welded oil and gas well casing and seamless and welded oil and gas well tubing have caused injury to Canadian producers. As a result of this determination, anti-dumping duties of up to 166.9% and countervailing duties of up to 4070 Chinese renmibi per metric tonne will to be applied to imports of oil and gas well casing and tubing from the People's Republic of China ("China") for an initial five year period.
The determination is the result of investigations that were initiated by a complaint filed jointly by Lakeside Steel and the other Canadian producers of oil and gas well casing and tubing. "Lakeside Steel is committed to ensuring imports into the Canadian market are fairly traded and this decision will help to provide a level playing field. A significant portion of Lakeside's revenue is generated in the Oil Country Tubular Goods sector", according to Ron Bedard, Lakeside Steel's President and Chief Operating Officer.
This most recent CITT determination is the third of a series of cases brought by Lakeside Steel and other Canadian producers against unfairly traded Chinese tubular products. As a result of these cases, there are currently anti-dumping and countervailing duty orders in place against oil and gas well casing, oil and gas well tubing and standard pipe originating in or exported from China.
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 & Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext. 7294, Fax: (905) 735-8896, 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