Lakeside Steel interested in acquiring U.S. based Barzel Industries Inc.

The Canadian Press ~ The News
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WELLAND, Ont. - Lakeside Steel (TSXV: LS) says its interested in acquiring some or all of the assets of Barzel Industries Inc., an insolvent U.S.-based pipe manufacturer that has operations in Canada.
Barzel, which has hubs in Montreal and Mississauga, Ont., filed for bankruptcy protection on both sides of the border earlier in September.
It runs a network of 16 pipe and tube manufacturing and distribution facilities serving a variety of industries.
Lakeside Steel said a combination with Barzel would make a good strategic fit.
"Lakeside Steel will pursue those select mergers and acquisitions that allow us to grow our business profitably. Acquiring Barzel or certain assets from Barzel would clearly fit with this goal," said Lakeside president and chief operating officer Ron Bedard in a statement.
Lakeside didn't disclose in its announcement what it would be willing to pay for Barzel or other details of its proposal, which would require approvals from the American company's creditors and the courts.
Lakeside said it would become the sixth largest pipe and tube company in North America if it does a complete takeover of Barzel.
Lakeside currently employs approximately 300 people at its operations in Welland, Ont., and specializes in manufacturing steel pipe and tubing used by the oil and gas, automotive and mining industries.

Organizations: Barzel Industries, U.S. based Barzel Industries

Geographic location: WELLAND, U.S., Canada Montreal Mississauga North America

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