IPSCO Comments on Third Quarter Results

Lisle, Illinois, 13 September 2002 – IPSCO Inc. (NYSE/TSX:IPS) announced today that although third quarter results will not be available for about a month, third quarter earnings will be restrained by several events and are expected to be closer to the Company’s second quarter results. Without these setbacks, IPSCO was on track to meet the lower end of analyst expectations.

“Most notably, IPSCO’s Western Canadian oil country tubular goods business normally strengthens over the summer,” said David Sutherland, President and Chief Executive Officer. “However, rig counts have been adversely affected by continued uncertainty in the energy sector and also by unusually wet weather conditions. In addition, while all three steelworks are performing well, necessary maintenance outages in Montpelier and Regina, as well as costs associated with the Montpelier static shear failure announced last month will hurt results. While the static shear repairs were quickly completed, additional freight and operating costs were incurred to avoid customer interruptions.” 

“On a positive note, pricing for discrete plate has continued to improve, albeit at a much slower rate than hot rolled coil, and IPSCO’s order book remains strong. These temporary setbacks will not diminish the fact that IPSCO has grown to be a major player in the North American plate market,” concluded Sutherland.

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 production levels, pricing levels and potential markets, weather as it relates to drilling and the length and costs associated with maintenance and repair. These and other factors are outlined in IPSCO’s regulatory filing with the Securities and Exchange Commission, including those in IPSCO’s Annual Report for 2001, its MD&A and Form 40-F.

Company Contact: 
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO Inc.
Tel. 630-810-4769
Release #02-27

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