Lakeside Steel declares cash dividend of $0.05 per share

    TORONTO, May 26 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside" or
the "Company") today announced that its Board of Directors has approved a
special dividend of $0.05 per share on its common shares, payable June 22,
2009, to shareholders of record at the close of business on June 8, 2009.
    On April 9, 2009, Lakeside reported management's best estimate of the
preliminary results for the year ended March 31, 2009. For the year ended
March 31, 2009, the Company estimated revenue of $207,000,000, EBITDA of
$10,500,000 and net income of $6,500,000. Lakeside anticipates issuing its
audited financial statements prior to June 30, 2009.
    Vic Alboini, Chairman and Chief Executive Officer of Lakeside commented:
"Given the excellent financial results for the fiscal year ended March 31,
2009, it is important for us to reward Lakeside shareholders. We believe this
dividend is a key first step towards creating value for our shareholders."

    About Lakeside Steel Inc.

    Lakeside is the parent company of Lakeside Steel Corp ("Lakeside Steel").
Lakeside Steel, located in Welland, Ontario, is a diversified steel pipe and
tubing manufacturer. Lakeside Steel'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 Steel
manufactures pipe and mechanical tubing for the resale market, which is sold
to distributors in Eastern Canada and the Northeastern United States. Lakeside
Steel 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 Steel serves customers worldwide, either directly
or indirectly, in Canada, Australia 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 is available
at 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

    The TSX Venture Exchange has not reviewed and does not accept
    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:; Ken Hunter, Chief Financial Officer, Lakeside Steel
Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail:

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