WELLAND, ON, Aug. 12 /CNW/ - Lakeside Steel Inc. ("Lakeside Steel")
(TSX-V: LS) today announced its wholly owned subsidiary Lakeside Steel Corp.
("Lakeside") is nearing completion on the installation of end finishing
capability at its Welland facility.
This $5.0 million extension of Lakeside's business adds Upsetting and
Threading end finishing processes for pipe produced in Lakeside's Welland
facilities. These finishing processes were previously handled by third parties
on behalf of Lakeside, primarily in the United States.
Lakeside Steel President and Chief Operating Officer, Ron Bedard stated
"I am very excited about Lakeside moving up the value chain by being able to
finish our own material on site. This represents a win on many levels by
reducing Lakeside's costs and customer wait times for completed orders and
creating up to forty additional jobs in Welland during a period of
unprecedented unemployment in this region."
The new finishing line will be officially opened on September 16, 2009,
in a ceremony celebrating 100 years of continuous manufacturing in Lakeside's
business in Welland.
Ron Bedard, who was recently appointed President and Chief Operating
Officer of Lakeside Steel, has been appointed President and Chief Executive
Officer of Lakeside to replace Tim Clutterbuck who resigned after having
served in that capacity for 22 months.
Vic Alboini, Chairman and Chief Executive Officer of Lakeside Steel,
stated: "We are grateful for Tim's role in guiding Lakeside to a profitable
year ended March 31, 2009, and we wish him all the best in his future
Lakeside further announced that Mr. Gregg Cousins, who had been recruited
by Mr. Clutterbuck as Vice President, Commercial at Lakeside, will not
commence his employment on August 17th as previously announced, but instead
will pursue other interests.
About Lakeside Steel Inc.
Lakeside Steel Inc. 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
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.
For further information:
For further information: Vic Alboini, Chairman & Chief Executive
Officer, Lakeside Steel Inc., (416) 644-8110, Fax: (416) 644-0271, e-mail:
firstname.lastname@example.org; Ron Bedard, President and Chief Operating Officer,
Lakeside Steel Inc., (905) 735-7473, Fax: (905) 735-9069, e-mail:
email@example.com; Ken Hunter, Chief Financial Officer, Lakeside
Steel Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: