IPSCO Announces Cash Dividends 

Lisle, Illinois, May 2, 2001 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.125 (Canadian) per share payable 29 June 2001 to shareholders of record as at 8 June 2001. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 August 2001 to shareholders of record as at 31 July 2001.