Lakeside Steel announces filing of annual information form and refiling of
continuous disclosure materials

WELLAND, ON, Aug. 16 /CNW/ - Lakeside Steel Inc. ("Lakeside Steel") (TSX-V: LS) announced today that it has filed an Annual Information Form with securities regulatory authorities and has also filed on SEDAR revised Annual MD&A for the year ended March 31, 2010 (the "Annual MD&A"), and revised Interim MD&A and Interim Financial Statements for the period ended June 30, 2010 (the "Interim MD&A" and "Interim Financial Statements").

The Annual MD&A was revised to provide additional expanded disclosure, including additional qualitative disclosure, regarding Lakeside's results of operations and liquidity and capital resources. The Annual MD&A was also revised to correct an inconsistency with the administrative and financial expense figure previously disclosed.

The Annual MD&A and the Interim MD&A were revised to identify certain non-GAAP measures used therein and to provide additional disclosure relating to such non-GAAP measures, as well as to provide expanded disclosure regarding forward-looking information. The Interim MD&A was revised to conform the amount by which liabilities increased during the three months ended June 2010, to the related interim financial statements for the period.

A note to the Interim Financial Statements was revised to clarify disclosure relating to the fair valuing of investments to indicate that the Company is still using the level 3 hierarchy for the fair value of certain investments.

Management emphasizes that that there are no material changes to the Company's financial statements with respect to results reported previously.

In connection with the above refiled materials, the Company has filed the Certification of Refiled Annual Filings (Form 52-109F1R) and Certification of Refiled Interim Filings (Form 52-109F2R).

About Lakeside Steel Inc.

Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation ("Lakeside"). Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern Canada and the Northeastern United States. Lakeside manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada and the United States.

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 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 Steel was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

For further information: Ron Bedard, President & Chief Operating Officer, Lakeside Steel Inc., [phone] ext. 7294, Fax: [phone], e-mail: [email protected]; Ken Hunter, Chief Financial Officer, Lakeside Steel Inc., [phone] ext. 7218, Fax: [phone], e-mail: [email protected]