LAKESIDE STEEL ANNOUNCES REMOVAL OF ALL PCB WASTE FROM THE WELLAND SITE
January 31 2011 - 7:30AM
PR Newswire (Canada)
WELLAND, ON, Jan. 31 /CNW/ -- WELLAND, ON, Jan. 31 /CNW/ - Lakeside
Steel Inc. (TSX-V: LS) ("Lakeside Steel") today announced that the
PCB materials previously stored onsite at the Welland, Ontario,
facility of its wholly-owned subsidiary, Lakeside Steel Corporation
("Lakeside"), have been removed in accordance with the Company's
previously announced environmental remediation plan. The Company
engaged Bennett Environmental in July 2010 to remove the
approximately 10,500 tonnes of PCB impacted material that was
securely stored in tanks on Lakeside's property in Welland. The
project is funded through cash flow and the Company intends to
remove the remaining portion of the $5.9 million environmental
liability from its balance sheet. Ron Bedard, President and CEO of
Lakeside, commented that, "The completion of this remediation
project marks another important step in our continuing efforts to
both remain environmentally responsible in the operation of our
business and to improve our balance sheet. We are very pleased to
put this legacy issue from the former Stelpipe era behind us.
Removing the environmental liability from our balance sheet
provides a clearer picture of the current financial position of the
Company, and eliminates what has long been an item of concern for
investors." About Lakeside Steel Inc. Lakeside Steel is a 2010 TSX
Venture Exchange 50 company and the parent company of
Lakeside. Lakeside, located in Welland, Ontario, 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 also indirectly
wholly-owns Lakeside Steel Alabama which will be a diversified
steel pipe manufacturer strategically situated in the southern
United States on successful completion of the construction of the
new facility in Thomasville, Alabama. Construction of the Alabama
facility 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 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. 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/January2011/31/c6286.html
tabletr valign="top"td align="left"Ron Bedardbr/ President &
Chief Operating Officerbr/ Lakeside Steel Inc.br/ (905) 735-7473
ext. 7294br/ Fax: (905) 735-8896br/ e-mail: a
href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a/td
td align="right" /td td valign="top" align="left"Ken Hunterbr/
Chief Financial Officerbr/ Lakeside Steel Inc.br/ (905) 735-7473
ext. 7218br/ Fax: (905) 735-9069br/ e-mail: a
href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a/td/tr/table
Copyright
Lakeside Steel Inc. (TSXV:LS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Lakeside Steel Inc. (TSXV:LS)
Historical Stock Chart
From Oct 2023 to Oct 2024