Welland, Ontario-based pipe and tube manufacturer Lakeside Steel, Inc. announced Monday a net income of $215,827 for the three months ended December 31, 2010 (Q3 of fiscal 2011)-a decrease of $1,398,471 compared to the previous quarter, but still up significantly compared to a net loss of $3,757,057 in Q3 2009.
The company reported that demand for its oil country tubular goods (OCTG) products manufactured by its subsidiary Lakeside Steel Corporation were strong through the 2010 calendar year, however softened demand in Q3 was a result of the expected cyclical downturn in the market, as well as the continued presence of lower priced imported products. With the release of Q3 earnings, Lakeside has also announced that its current order book provides a full production load in both of its mills and is accepting orders for March production.