Lakeside Steel signs contract with Bennett Environmental for PCB remediation

On July 7, 2010, Lakeside Steel Inc. (TSX-V: LS) announced that it had agreed to terms with Bennett Environmental to remove the PCB material currently stored on Lakeside Steel's property in Welland. Under the terms, Bennett Environmental will provide project management, transportation and destruction services for Lakeside Steel. The project is expected to begin in July and end in December 2010. Once complete, Lakeside Steel will remove the $5.9 million environmental liability from its balance sheet. The project will be funded through cash flow. Lakeside Steel was advised in the negotiation of this contract by Fasken Martineau with a team that included Sean Stevens and Amira Abouali (corporate) and David Ferris (banking).