ENVIRONMENT AND SUSTAINABILITY HEADLINESEnvironment and Sustainability
Lakeside Steel Signs Contract with Bennett Environmental for PCB Remediation
Jul. 9, 2010 Lakeside Steel Inc. has agreed to terms with Bennett Environmental to remove the PCB material currently stored on Lakeside's property in Welland.
Bennett Environmental will provide project management, transportation and destruction services for the PCB removal project. Once complete, Lakeside will remove the associated $5.9-million environmental liability from its balance sheet.
"Lakeside continues to focus on improving our balance sheet,” stated Ron Bedard, Lakeside Steel's President and COO. “Removing this significant environmental liability is a key step in this ongoing process. Lakeside will continue to explore methods to enhance shareholder value. Bennett Environmental was chosen due to its experience, knowledge and track record with similar projects."
The PCB removal project will be funded through cash flow. It is expected to begin in July and end in December 2010.
Lakeside, located in Welland, Ont., is a diversified steel pipe and tubing manufacturer. Lakeside's customers include 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 and the United States.