WELLAND, ON, Jan. 31 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel") today announced that the PCB materials previously stored onsite at
the Welland, Ontario, facility of its wholly-owned subsidiary, Lakeside
Steel Corporation ("Lakeside"), have been removed in accordance with the Company's previously
announced environmental remediation plan.
The Company engaged Bennett Environmental in July 2010 to remove the
approximately 10,500 tonnes of PCB impacted material that was securely
stored in tanks on Lakeside's property in Welland. The project is
funded through cash flow and the Company intends to remove the
remaining portion of the $5.9 million environmental liability from its
Ron Bedard, President and CEO of Lakeside, commented that, "The
completion of this remediation project marks another important step in
our continuing efforts to both remain environmentally responsible in
the operation of our business and to improve our balance sheet. We are
very pleased to put this legacy issue from the former Stelpipe era
behind us. Removing the environmental liability from our balance sheet
provides a clearer picture of the current financial position of the
Company, and eliminates what has long been an item of concern for
About Lakeside Steel Inc.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent
company of 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
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. TSX
Venture 50 is a trade-mark of TSX Inc. and is used under license.
SOURCE Lakeside Steel Inc.
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