IPSCO Announces Investment at Camanche Pipeworks

Ability to produce oil country tubular goods increased

Lisle, Illinois, 4 December 2000, IPSCO Inc. (NYSE/TSE:IPS) announced today that it was proceeding with a $3.2 million US dollar project to enhance its ability to produce oil country tubular
goods at its Camanche, Iowa, pipe manufacturing plant.

IPSCO said that the Camanche facility currently has the ability to produce some oil country tubular goods but was limited in the pipe thicknesses, strengths, and quantities it could manufacture. The project includes equipment to permit the efficient processing of heavier and higher strength steels and enhanced finishing capacity for gas and oil well casing products.

"While we don't expect the current high energy prices to continue we do believe that the medium term demand for natural gas and oil in America will sustain relatively high drilling rates in the U.S. for several years to come. Our project will permit us to enhance our market share for this important end use and give us a broader product line to offer our energy customers while at the same time
improving our bottom line", said David Britten, President, IPSCO Tubulars Inc.

IPSCO noted that imports of oil country tubular goods to the U.S. had recently reached the level of 28 percent of apparent consumption through the first six months of 2000 and have grown even higher in the third quarter. "If the United States is to insulate itself from foreign energy price shocks it needs not only to continue an aggressive domestic well drilling program but to service that program with domestic supplies such as gas and oil well casing and tubing" Britten added.

IPSCO Tubulars Inc. is the American subsidiary of IPSCO Inc. operating pipe mills in the United States at Blytheville, Arkansas; Camanche, Iowa; and Geneva, Nebraska with a combined annual capacity of 645,000 tons. Apart from oil country tubular goods these facilities produce small diameter oil and gas line pipe, hollow structural tubing for construction and machinery and equipment manufacturers, and standard pipe for plumbing applications.

IPSCO Inc., directly or through other subsidiaries operates steelworks in Montpelier, Iowa, and Regina, Saskatchewan with a combined annual capacity of 2,250,000 tons, while a third steelworks at Mobile, Alabama with a capacity of 1,250,000 tons is scheduled for startup and commissioning in the first quarter of 200l. The output of these operations is sold to third parties in the U.S. and Canada as hot rolled coil and plate, or further transformed prior to sale at a number of pipe mills and coil processing facilities. In addition to the U.S. tubular operations IPSCO Inc. operates pipemills in Canada with a total annual capacity of 1,033,000 tons, with production aimed at energy markets as well as construction and machinery and equipment. IPSCO is a major supplier of oil country tubular goods in Canada and its large diameter gas and oil transmission
pipemill capability in Regina, Saskatchewan make it one of only a few North American players in this latter market. IPSCO's coil processing facilities with total annual capacity of 1,100,000 tons are located in Houston, Texas; St. Paul, Minnesota; Toronto, Ontario; Surrey, British Columbia; and Regina, Saskatchewan. The first three include modern temper rolling mills and all are
equipped to handle 96 inch wide coils.

IPSCO is listed as IPS on the New York and Toronto Stock Exchanges. IPSCO's operational headquarters are located in Lisle, Illinois and its legal head office is located in Regina, Saskatchewan.

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 potential markets and demand for the materials produced, market forces, energy pricing, domestic pricing of steel products, level of potential imports, estimated time of completion of projects and drilling rates. 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.

For Further Information Please Contact:
IPSCO Tubulars Inc.
David Britten
President
Tel. 630-810-4792
Release 00-40

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