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Welland, Ontario-based Lakeside Steel announced Wednesday that the company will be acquired by Chicago, Illinois-based JMC Steel Group, Inc. in a deal that values Lakeside Steel at US$57.8 million. Lakeside announced in December 2011 that it was entering negotiations with an unnamed "strategic purchaser." JMC has agreed to purchase the shares at US$0.298 per share, which is about a 326 percent increase over the closing price of the shares when Lakeside first made the announcement of a potential buyer.