LS Lakeside Steel Inc.

WELLAND, ON, Oct. 24, 2011 /CNW/ - Lakeside Steel Inc. ("Lakeside" or the "Company") today announced the execution and funding of its $7.5 million five year term loan with CIBC which was previously announced on February 23, 2011. The facility has a variable interest rate based on the Canadian prime interest rate which is payable on a quarterly basis. The facility will be used to finance a portion of the cost of construction of Lakeside's new ten-inch pipe mill, heat-treating and end-finishing facilities in Thomasville, Alabama. Ron Bedard, President and Chief Operating Officer commented, "This $7.5 million facility, coupled with the previously announced $22 million EB-5 facility available in March 2012, positions Lakeside well to complete our build out.  We thank our lending partners and our equity investors for their support in advancing our three key projects.  Once our projects are complete, Lakeside will be well positioned to serve the market in every cycle." About Lakeside Steel Inc. Lakeside is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating facilities located in Welland, Ontario, and Corpus Christi, Texas, and three facilities currently being constructed in Thomasville, Alabama. Lakeside is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list of customers includes large oil and gas end users as well as distributors across North America. Lakeside Steel Alabama will be a diversified steel pipe manufacturer with end-finishing and heat treat capabilities strategically situated in the southern United States on successful completion of construction of the new facilities in Thomasville, Alabama. Construction of the Alabama facilities is currently underway. This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion, and Analysis, Annual Information Form and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. Lakeside Steel Inc. CONTACT: Ron Bedard Ken Hunter President and Chief Operating Officer Chief Financial OfficerLakeside Steel Inc. Lakeside Steel IncFAX: (905)735-9069 FAX: (905)735-9069e-mail: ron.bedard@lakesidesteelcorp.ca e-mail:ken.hunter@lakesidesteelcorp.ca

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