Welland, Ontario,
Canada-based
pipe- and tube-maker Lakeside Steel Inc. announced on July 12 a fiscal (FY 2010-11) first quarter operations update for the three months ended June 30, 2010.
The company said that the preliminary numbers suggest shipments of 53,719 mt for the quarter in question, which represents a 268 percent improvement over Q1 FY 2009-10 and a 35 percent improvement over the previous quarter, i.e., Q4 FY 2009-10. These shipments would also represent a new quarterly shipping record for the company.
Lakeside expects revenues of $62.2 million for Q1 FY 2010-11, which is a 289 percent improvement over Q1 FY 2009-10 and a 42 percent improvement over Q4 FY 2009-10.
For the second quarter ending September 30, 2010, Lakeside anticipates shipments of 52,500 mt and revenues of $70 million.
Ron Bedard, Lakeside Steel's president and COO, stated, "We are optimistic that this strong operational performance will continue over several quarters. Lakeside continues to focus on reducing costs, improving our balance sheet and potential opportunities for growth. "