Lakeside Steel Accelerates Completion of Tubing Thermal Treatment Facility in Alabama
19 9월 2011 - 8:30PM
PR Newswire (Canada)
WELLAND, ON, Sept. 19, 2011 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") today announced that construction of the
Company's new USD $7.5M state of the art tubing thermal and
end-finishing facility in Thomasville, Alabama, is ahead of
schedule. With the support of Alabama Power, Clarke County and the
City of Thomasville, the tubing phase of the processing facility
will be ready for production in February 2012, which is ahead of
the original completion date in June 2012. This accelerated
completion will allow Lakeside to produce the high-quality thermal
treated products required by customers. This facility will
significantly improve margins and increase demand for product
produced in Welland, Ontario. The higher value added grades
(N80, L80 and P110) produced at the new facility are in high demand
for the most technically advanced shale drilling plays throughout
North America. Ron Bedard, President and Chief Operating Officer
commented: "We are very pleased by the progress of our project team
in Thomasville. Our project team has worked closely with
local and state officials, Alabama Power, and our equipment
suppliers to expedite construction. This will accelerate
Lakeside's time to market and return on capital for this facility.
In addition, the early start up will enable Lakeside to offer its
customers a broader range of higher value added tubular products."
About Lakeside Steel Inc. Lakeside 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
has operating facilities located in Welland, Ontario, and Corpus
Christi, Texas, and three facilities currently being constructed in
Thomasville, Alabama. Lakeside 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 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 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. Lakeside Steel Inc. CONTACT:
Ron Bedard Ken Hunter President and Chief Operating Officer Chief
Financial OfficerLakeside Steel Inc. Lakeside Steel IncFAX:
(905)735-9069 FAX: (905)735-9069e-mail:
ron.bedard@lakesidesteelcorp.ca
e-mail:ken.hunter@lakesidesteelcorp.ca
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