Lakeside Steel Announces Temporary Layoff
01/16/2009 - Lakeside Steel announces the temporary layoff of up to 61 additional hourly employees at its Lakeside Steel subsidiary, located in Welland, Ont.
Lakeside Steel Inc. has announced the temporary layoff of up to 61 hourly employees at its wholly owned subsidiary, Lakeside Steel Corp., located in Welland, Ont. The 61 employees represent approximately 19% of the company’s unionized workforce.
The company said the layoff would help it to contain costs in declining markets. The layoff follows a previous temporary layoff of 40 hourly employees, which the company had announced in December 2008.
Management remains confident that its earlier projections of EBITDA are still achievable.
Lakeside Steel is the parent company of Lakeside, a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. Lakeside also manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern Canada and the Northeastern United States. Lakeside manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada, Australia and the United States.
