IPSCO Inc. First Quarter Results

Improvements on Year-Over-Year Basis Noted

Please Note That IPSCO Financial Results Are Now Being Reported in US$

Regina, Saskatchewan, April 19, 2000 -- IPSCO Inc. (NYSE: IPS) announced today that its first quarter net income was $17.3 million, up seven percent from the first quarter of 1999. After deducting preferred share dividends and interest on subordinated notes, net income available to common shareholders was $15.2 million. After provision for preferred share dividends and subordinated note interest, the earnings per common share were $0.37 as compared to $0.36 and $0.49 in the first and fourth quarters of 1999.

Year-over-year improvements in first quarter results were attributed to improved output and costs from IPSCO's Montpelier Steelworks; higher sales of oil country tubular goods, non-energy tubulars, and cut-to-length steel from the company's coil processing facilities; and generally higher prices, all of which served to overcome the absence of large diameter gas transmission pipe for the Alliance pipeline, shipments for which have been completed.

Sales revenue at $258 million was up 43 percent from the first quarter of 1999 and up 12 percent from the fourth quarter of 1999.

Steel mill product shipments at 243,400 tons and further fabricated products at 347,000 tons were both substantially ahead of the first quarter of 1999, surpassing it by 69 and 32 percent respectively.

The Regina Steelworks operated at effective full capacity utilization. The Montpelier Steelworks saw continuing productivity improvement with March production exceeding an annualized one million ton rate.

Capital spending of $46.6 million during the quarter was predominantly dedicated to the Mobile Steelworks, which remains scheduled for a first quarter 2001 startup.

IPSCO had foreseen a year over year improvement in first quarter profits as compared to 1999 although the absence of Alliance pipeline shipments meant a reduction from the fourth quarter of 1999. Continuing price improvements in general steel markets and cost and productivity improvements at the Montpelier Steelworks are expected, barring a major economic downturn, to result in continuing profitability increases throughout the year with the greatest improvement in the last half of the year.

This news release contains forward looking information with respect to IPSCO's operations and beliefs. Actual results may differ from these forward looking statements due to numerous factors, including estimated time of completion of equipment installation, cost of installation, dramatic pricing developments or overall economic fluctuations, and potential markets for the materials produced. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those on IPSCO's Annual Report for 1999, its MD&A and Form 40-F.

Company Contact:
Ed Tiefenbach
Senior Vice President and Chief Financial Officer
IPSCO
Tel: 306-924-7235

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