IPSCO Pleased With Remedy Under S.201 Investigation

Lisle, Illinois, 5 March 2002 - IPSCO (NYSE/TSE:IPS), together with its mini-mill coalition partners, today thanked the Administration for imposing an effective uniform tariff remedy for a period of three years on all steel mill imports found by the ITC to have injured U.S. producers with the exception of our free trade partners. "Relief will be provided with this remedy. The remedy recognizes the serious injury the domestic industry has been suffering and attempts to correct the situation. A tariff remedy has long been recognized as the one mechanism which would be able to deal effectively with steel imports," said IPSCO President and Chief Executive Officer, David Sutherland. "In addition, we trust that the import surge monitoring mechanism announced by the Administration will continue to monitor all of the affected steel products to ensure that the industry is not further injured by increasing imports. In particular, IPSCO will be monitoring slab imports closely given the their potential to undermine relief provided on other products."

IPSCO recognizes that this decision is one element of a three-part initiative by the President to restore health to the world steel industry, initially by addressing the U.S. steel trade problem which will provide time for the domestic industry to adjust to the competition. IPSCO is strongly of the belief that global overcapacity is the root cause of the industry's woes and that the reduction of overcapacity and elimination of subsidies and private anticompetitive practices throughout the world steel industry must be a continuing priority. The OECD high-level meetings that have been convened open the doors to examination of such practices. IPSCO is supportive of the Administration working diligently toward a more uniform, fair and open global trading environment while maintaining all existing trade remedies.

This decision will allow IPSCO to continue to supply its customers with high grade product, delivered in a just-in-time fashion, by a domestic manufacturer with the ability to be a long-term viable supplier to the North American industry. An effective and healthy steel supply capability is in the interest of steel users and consumers alike.

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 the conduct of exporting countries, and the demand for steel in the U.S. 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 2000, its MD&A., particularly as discussed under the heading "Business Risks and Uncertainties", and Form 40-F.

Company Contact: 
Anne Parker
Vice President, Trade Policy and Communications 
Tel. 630-810-4790
Release 02-09

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