Lakeside Steel Announces Services Agreement with Metals USA
15 6월 2011 - 12:52AM
PR Newswire (Canada)
WELLAND, ON, June 14, 2011 /CNW/ -- 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 transportation costs. 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 "MUSA". 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 such
statements. 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 license. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/14/c5820.html
table valign="top" border="0" tr valign="top" td align="left" bRon
Bedard /bbr/ President and Chief Operating Officerbr/ Lakeside
Steel Inc.br/ FAX: (905)735-9069br/ e-mail: a
href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a
/td td align="left" /td td align="left" /td td
align="left" /td td align="left" bKen Hunter /bbr/ Chief
Financial Officerbr/ Lakeside Steel Incbr/ FAX:
(905)735-9069br/ e-mail: a
href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a
/td /tr /table p /p
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