Lakeside Steel Completes Removal of PCB Waste from Welland Site
02/01/2011 - Lakeside Steel Inc. has completed the removal of PCB materials previously stored onsite at the Welland, Ont., facility of its wholly-owned subsidiary, Lakeside Steel Corp.
Lakeside Steel Inc. has completed the removal of PCB materials previously stored onsite at the Welland, Ont., facility of its wholly-owned subsidiary, Lakeside Steel Corp. 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 had been securely stored in tanks on Lakeside's property in Welland.
"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,” commented Ron Bedard, President and CEO of Lakeside. “We are very pleased to put this legacy issue from the former Stelpipe era behind us.”
The PCB removal 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.
“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," added Bedard.
Lakeside Steel is the parent company of Lakeside. Welland, Ont., based Lakeside 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. Construction of the Alabama facility is currently underway.
