WELLAND, ON, June 14, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)
("Lakeside Steel" or the "Company") today announced that it has entered
into a four-year contract with a subsidiary of Metals USA Holding Corp.
("Metals USA") for the provision of steel slitting and warehousing
services to support the Company's Thomasville, Alabama, facilities.
In connection with the agreement, Metals USA will construct, at its
cost, a modern slitting and warehousing facility adjacent to Lakeside
Steel's casing mill currently being constructed in Thomasville,
Alabama. The close proximity of the new Metals USA facility to the
Company's Thomasville mill and the related agreement with Lakeside
Steel are expected to improve Lakeside Steel's material flow, working
capital requirements, inventory control and will significantly reduce
Metals USA is a provider of processed carbon steel, stainless steel,
aluminum, red metals and manufactured metal components. One of the
largest metal service center businesses in North America and a leading
provider of value-added metal processing and inventory management
services, Metals USA Holding Corp, the organization's parent company,
is publicly traded on the New York Stock Exchange under the symbol
The Company's President and Chief Operating Officer, Ron Bedard,
commented: "We are very pleased to be partnering with Metals USA, a
well-established and very successful company in the steel services
industry. The construction of a state-of-the-art steel processing and
warehousing facility next to our Alabama mill bodes well for the future
of our Alabama operations and the City of Thomasville."
For additional information, please refer to the Metals USA press release
dated June 14, 2011.
About Lakeside Steel Inc.
Lakeside Steel is a 2011 TSX Venture Exchange 50 company and the parent
company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and
Lakeside Steel Texas Inc. Lakeside Steel has operating facilities
located in Welland, Ontario, and Corpus Christi, Texas, and three
facilities currently being constructed in Thomasville, Alabama.
Lakeside Steel is a diversified steel pipe and tubing manufacturer with
a focus on manufacturing and upgrading Oil Country Tubular Goods.
Lakeside Steel's list of customers includes large oil and gas end users
as well as distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe manufacturer
with end-finishing and heat treat capabilities strategically situated
in the southern United States on successful completion of construction
of the new facilities in Thomasville, Alabama. Construction of the
Alabama facilities 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, Annual Information Form 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 and
2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
SOURCE Lakeside Steel Inc.
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