Lakeside Steel Restructures Salaried Staff
10/11/2010 - Lakeside Steel has implemented a restructuring of the salaried workforce at its Welland location that will reduce the number of salaried employees at the manufacturing facility by 25%.
Lakeside Steel Inc. has implemented a restructuring of the salaried workforce at its Welland location. The restructuring initiative is to reduce the number of salaried employees at the manufacturing facility by 25%.
"This restructuring is an important and necessary measure in Lakeside's ongoing campaign to rationalize the cost base of its business,” said Ron Bedard, Lakeside's President and CEO. “This is an example of an initiative we have taken to maintain the Company's continued profitability and reinforce our ability to maintain a competitive position within the industry."
The company said it was implementing the restructuring as a cost-saving measure to improve the company's competitive position. It will reduce the number of salaried employees at the manufacturing facility by 25%, resulting in a corresponding 25% reduction in wage costs for salaried personnel.
Lakeside Steel is the parent company of Lakeside Steel Corp., a diversified steel pipe and tubing manufacturer located in Welland, Ontario, and Lakeside Steel Alabama Inc., a diversified steel pipe manufacturer that will be strategically situated in the southern United States on successful completion of the construction of the new facility in Thomasville, Ala.
