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Lakeside Steel Announces Management Changes

01/31/2012 - Lakeside Steel Inc. announced that Vic Alboini is no longer the Chairman and CEO of the company. The company has appointed Norman Findlay as Interim Chairman of the Board.

Lakeside Steel Inc. announced that Vic Alboini is no longer the Chairman and CEO of the company, although he will continue to serve as a director of the company.
 
The company has appointed Norman Findlay as Interim Chairman of the Board. Findlay, who has been an independent director since September 29, 2008, is also a member of the Board’s Audit and Compensation Committees.
 
The company noted that Ron Bedard will continue to serve in his role as President and Chief Operating Officer of the company and President and Chief Executive Officer of Lakeside Steel Corp. Bedard will report directly to the Board.
 
the Company and JMC Steel Group, Inc. announced on January 25, 2012, that they had entered into a definitive arrangement agreement under which JMC Steel, through a wholly-owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Lakeside at a price of $0.2983 per share in cash pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario). Additional information will be provided to shareholders in connection with a special meeting of shareholders in which the transaction will be considered.
 
The company said that additional information about the meeting will provided as it becomes available.
 
Lakeside Steel Inc., the parent company of Lakeside Steel Corp., Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc., is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside has operating facilities in Welland, Ont., Thomasville, Ala., and Corpus Christi, Texas, and two processing facilities currently being constructed in Thomasville, Ala.
 
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, Ala.