June 14, 2011

State of Alabama
Press Release: Alabama Department of Commerce

Lakeside Steel Says Thomasville Facilities on Track

 
Lakeside-Steel-crane-installation-March-2011.JPG
 
A crane is installed at Lakeside Steel's $40 million pipe mill in Thomasville earlier this year.
(Courtesy Lakeside Steel)

Lakeside Steel returned to profit in the year ended March 31, the Canadian firm said Monday.

Lakeside is investing $57.5 million to build facilities in Thomasville, where it expects to employ 280 people.

The company said it set records this year for both revenue and production. Ron Bedard, Lakeside's president and chief operating officer, said in a statement that construction in Thomasville remains on schedule and on budget.

The maker of steel pipe for oil and gas firms said that profit rose to 3.34 million Canadian dollars ($3.42 million) compared to a loss of C$13.95 million in the previous year. For the quarter, Lakeside earned a C$1.3 million profit ($1.33 million), compared to a C$4.19 million loss in the same three months of 2010.

Revenue for the year more than doubled to C$240 million ($246 million), while revenue for the quarter rose 32 percent to C$58 million ($59 million).

Bedard also said that Lakeside was "pleased" with its return to profit at its home base in Welland, Ont. The company also has recently purchased a plant in Corpus Christi, Texas.



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