IPSCO Pleased With Remedy Under S.201 Investigation

Regina, Saskatchewan, 5 March 2002 - IPSCO (NYSE/TSE:IPS), as a NAFTA steel manufacturer with operations and customers in both Canada and the United States, is pleased with the 201 safeguard remedy announcement by U.S. President Bush. This decision recognizes the injury that has been caused to the U.S. steel industry by offshore imports. It is noteworthy that the President excluded NAFTA trading partners from the remedies announced which recognizes the integrated nature of these steel markets. This exclusion will allow the movement of steel between Canada and the USA to continue within normal trading patterns. 

IPSCO recognizes that similar import pressures from offshore producers face Canada and IPSCO will continue to work with the Government of Canada to push for appropriate action on injurious offshore imports into Canada.

"This decision, particularly if coupled with Canadian vigilance against offshore imports, will allow IPSCO to continue to supply its customers with high grade product, delivered in a just-in-time fashion, by a manufacturer with the ability to be a long-term viable supplier to the North American industry," said David Sutherland, President and Chief Executive Officer, IPSCO Inc. "An effective and healthy steel supply capability is in the interest of steel users and consumers alike."

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 governments working diligently toward a more uniform, fair and open global trading environment while maintaining all existing trade remedies.

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 02-10

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