Lakeside Steel Accelerates Completion of Tubing Thermal Treatment Facility in Alabama
WELLAND, ON, Sept. 19, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("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."