IPSCO Comments on First Quarter Results

Improved Demand, Pricing and Operations

Lisle, Illinois, 2 April 2002 - IPSCO Inc. (NYSE/TSE:IPS), announced today that although first quarter results will not be available for a couple of weeks the company is off to a better start than anticipated. David Sutherland, President and Chief Executive Officer said, "All three of our steelworks are performing well. Montpelier continues to better its own performance records following modifications undertaken during a 17-day shutdown last October. Utilization at the Mobile Steelworks continues to go up because of improved market demand, and pricing for discrete plate and hot rolled coil have improved over the fourth quarter of last year. The weather in Western Canada, which affects commercial activity for our energy tubular business, has been favorable relative to normal spring thaw conditions. Consequently, the first quarter loss will not be as large as some analysts currently forecast and should be on the favorable end of the range. Analyst estimates for the first quarter loss range from 5 cents to 18 cents."

"The fact that IPSCO's order book is currently strong is promising even though traditionally, IPSCO's oil country tubular goods business is soft during the second quarter because of spring thaw. While each week's new indicators suggest strengthening economic circumstance, it is not clear if order patterns reflect temporary inventory corrections or a sustainable economic improvement. There is also continued uncertainty with the outlook for the energy sector."

Sutherland concluded by saying that "regardless of current uncertainties, longer term, IPSCO's very modern and well located facilities, willing and proven employees and sound financial footing will allow the company to take the fullest possible advantage of the North American marketplace."

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 2001, its MD&A., particularly as discussed under the heading "Business Risks and Uncertainties", and Form 40-F.

Company Contact: 
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO Inc.
Tel. 630-810-4769
Release 02-12

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