WELLAND, ON, April 28 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside
Steel" or the "Company") a leading North American producer of OCTG
casing and tubing, is pleased to announce that management intends to
nominate two new independent directors, Mr. Robert J. Milbourne and Mr.
Tony Meti, to its Board at its next Annual General Meeting of
shareholders (the "Meeting").
At the Meeting, Lakeside's shareholders will be asked to approve the
increase in the size of the Board of Directors from six members to
eight, with Messrs. Meti and Milbourne being nominated to fill the two
Mr. Milbourne has over thirty years of executive and operational
experience in the iron and steel manufacturing and processing sector.
Prior to his retirement in 2007, he held the positions of President,
Chief Operating Officer and was a member of the Board of Directors of
Stelco Inc. (now U.S. Steel Canada). He was also formerly the Chairman
and Chief Executive Officer of Alta Steel Ltd., a mini-mill steel maker
based in Alberta. Since leaving Stelco, Mr. Milbourne has established
an independent business advisory practice that provides strategic and
operational advice to major private and public sector clients. In
addition to Stelco, Mr. Milbourne previously sat on the Board of
Directors of numerous companies including Hatch Associates Ltd., and
Bruce Power Inc. and is currently a Board member of Osceola Steel
Mr. Meti has over thirty years of experience within Canadian chartered
banks where he held various management and executive positions. His
positions included Senior Vice-President, Commercial Banking
International, from 2002 to 2007, and Senior Vice-President, Commercial
Banking for North America, from 2000 to 2002, with the National Bank of
Canada. Since 2007, Mr. Meti has been the President of G.D.N.P
Consulting Services Inc., a firm that specializes in merger and
acquisition advisory, debt and equity financing and corporate
restructurings. Mr. Meti currently serves as a Board Member and Member
of the Audit Committee for Saputo Inc., and ADF Group Inc.
Vic Alboini, Chairman and Chief Executive Officer of the Company,
stated, "We are extremely pleased that Bob and Tony have accepted our
invitation to be nominated to join the Board of Directors of Lakeside
Steel at the next Annual General Meeting and look forward to their
contributions as the Company grows and moves forward with its expansion
plans. Their business experience, contacts and track record of success
will be a great asset to the Company and its shareholders. As well,
adding two high quality independent directors further emphasizes the
Company's focus on continuing to improve its corporate governance
The addition of Messrs. Meti and Milbourne to the Company's Board of
Directors at the Meeting is subject to receipt of all required
regulatory and shareholder approval. The date for the Meeting and the
record date for voting thereat are expected to be determined and
announced concurrently with the release of the Company's audited annual
financial statements for the year ended March 31, 2011.
About Lakeside Steel Inc.
Lakeside Steel is a 2011 TSX Venture Exchange 50 company and the parent
company of Lakeside Steel Corporation ("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 and
2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
SOURCE Lakeside Steel Inc.
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