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Tuesday, January 31, 2012

CEO of Lakeside Steel steps down before JMC Steel takeover

Tue, 31 Jan, 2012

Welland, Ontario-based Lakeside Steel announced on Monday that its chairman and CEO, Vic Alboini, is stepping down before the takeover by Chicago, Illinois-based JMC Steel. Alboini will remain on the Board of Directors and independent director Norman Findlay will take over as interim chairman. The current President and COO, Ron Bedard, will serve as acting CEO.

On January 26, SteelOrbis reported that JMC Steel was the "strategic" buyer of Lakeside, a pipe manufacturer for the oil and gas industry that has suffered substantial financial losses in recent quarters. JMC purchased Lakeside for US$0.298 per share, which is an approximately 326 percent premium over the closing price of Lakeside's shares when Lakeside first made the announcement of a potential buyer on December 21, 2011.



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