IPSCO Reports First Quarter Profit

Please Note That IPSCO Results are Reported in U.S. Dollars

Lisle, Illinois, April 24, 2003 - IPSCO Inc. (NYSE/TSX:IPS), announced today that its net income for the first quarter of 2003 was $4.4 million and that net income attributable to common shareholders was $1.5 million or 3 cents per diluted share. This was substantially better than the $3.4 million (8 cents per diluted share) loss reported for the first quarter of 2002, but down from the $10.0 million (19 cents per diluted share) reported for the prior quarter. Results reported in the prior quarter included $4.1 million (9 cents per share) for a gain on the sale of surplus assets. 

Sales for the quarter were $279.9 million, up $8.7 million or 3% over the same period last year, with improved pricing and mix more than offsetting a 10% drop in shipments. Sales were up $23.8 million or 9% over the prior quarter and tons shipped increased 6%. Steel mill product sales of $152.5 million were up only 2% over the same quarter last year reflecting continuing slow industrial markets and difficult pricing competition. Tubular product sales, however, were at very healthy levels on the strength of the Western Canadian energy tubular sales. Sales of large diameter pipe were off significantly compared to the first quarter of 2002.

"Our performance in the face of very difficult business conditions in our industrial markets and significant price increases for natural gas and scrap is encouraging," said David Sutherland, the Company's President and Chief Executive Officer. "Unfortunately, IPSCO's major target markets in the North American steel business continue to suffer low product demand which has prevented any potential pricing recovery. However, activity in the Western Canadian energy sector remained strong through much of the first quarter," added Sutherland.

"Looking to the future, needed momentum towards a recovery in industrial demand has shown no sign of materializing and is not expected as we approach midyear. That circumstance, combined with the traditional second quarter slow down for our most profitable energy tubular product line will probably result in a modest second quarter loss. However, IPSCO, with its modern facilities and cost efficient operations, continues to be well positioned to capitalize on business when economic conditions improve in the industrial sectors," Sutherland advised. 

This news release contains forward-looking information with respect to IPSCO's operations. Actual results may differ from these forward looking statements due to numerous factors, including potential markets and demand for the materials produced, levels of potential imports, production levels, market forces, North American pricing of steel products, trade laws, pricing of energy and raw material inputs, outcome of trade and safeguard cases and other matters. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those in IPSCO's Annual Report for 2002 and Form 40-F. 

Company Contact:
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO 
Tel: 630-810-4769
Release 03-11

First Quarter 2003 Financial Statements
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