IPSCO Announces Cash Dividends 

Regina, Saskatchewan, February 4, 2000 -- IPSCO Inc. (NYSE/TSE:IPS) today announced a cash dividend on its common shares of $0.125 (Canadian) per share payable March 31, 2000 to shareholders of record as of March 10, 2000. The company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable May 15, 2000 to shareholders of record as of April 30, 2000.