WELLAND, ON, Nov. 25 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company") welcomes the Canada Border Services Agency's ("CBSA") preliminary determination that Chinese imports of welded oil and gas well casing and seamless and welded oil and gas well tubing have been dumped and subsidized in the Canadian market. As a result of this determination, preliminary duties of up to 182% began to be applied to imports of oil and gas well casing and tubing from the People's Republic of China on November 23, 2009. CBSA will continue its investigation and issue a final determination on February 22, 2010.
The Canadian International Trade Tribunal ("CITT") announced on November 24, 2009, that it was initiating a related investigation to determine whether Canadian producers of oil and gas well casing and tubing have been injured by the dumped and subsidized Chinese imports. The CITT will issue its determination on March 23, 2010.
The investigations were initiated by a complaint filed jointly by Lakeside Steel and the other Canadian producers of oil and gas well casing and tubing.
"Lakeside Steel is committed to ensuring imports into the Canadian market are fairly traded and will be actively participating in the current investigations involving dumped and subsidized Chinese imports," according to Ron Bedard, Lakeside Steel's President and COO.
About Lakeside Steel Inc.
Lakeside Steel is the parent company of Lakeside Steel Corp. ("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 States.
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SOURCE LAKESIDE STEEL INC.
For further information: For further information: Ron Bedard, President and Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext 7294, 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: firstname.lastname@example.org