Lakeside Steel adds to output, recalls laid-off staff
2010-01-12 17:31 ET - News Release
Mr. Ron Bedard reports
LAKESIDE STEEL ANNOUNCES INCREASED PRODUCTION - RECALLS ALL TEMPORARILY LAID-OFF EMPLOYEES
Lakeside Steel Inc. has increased production on its Stretch Reduction mill by adding additional production shifts to meet stronger demand for Lakeside Steel's OCTG products. In addition, Lakeside Steel has recalled all of its temporarily laid-off employees and has returned to full employment for the first time since November, 2008. Based on current orders, the company expects its Stretch Reduction mill and ERW two-inch-eight-inch mill to operate at or near capacity through April of 2010.
The increased demand for the company's OCTG products has been driven both by the enhanced end finishing capabilities of Lakeside Steel's new upsetting and threading operations which became operational in December, 2009, and also by the increase in prices for oil and natural gas. Favourable rulings in OCTG-related trade cases in Canada and the United States involving Chinese manufactured products have also positively impacted Canadian OCTG manufacturers.
The company further announced that the first production runs of Lakeside's higher-grade P-110 casing and tube products were recently shipped using the company's newly installed rail yard.
Ron Bedard, Lakeside Steel's president and chief operating officer, stated: "We are very pleased to be able to return to full employment at Lakeside Steel as we have one of the most skilled and dedicated work forces in the industry. Our upsetting and threading capabilities and our new rail yard have positioned the company to take full advantage of the increased demand we are seeing in 2010. By adding additional shifts to our mills we will be able to shorten lead times, improve customer service and continue to realize operational efficiencies. Our focus is to continue this positive momentum through 2010."