IPSCO Expands Red Deer Works

Lisle, Illinois, October 22, 2003 - IPSCO Inc. (NYSE/TSX:IPS), announced today it 
will construct a second pipe finishing facility at its Red Deer, Alberta Pipeworks. The line will be fully operational in the second quarter of 2004 and will significantly expand IPSCO's finishing capability for casing and line pipe.

"This addition will not only increase finishing capacity, it will allow us to better optimize our production flows and respond to customer demands", said IPSCO's Vice President and General Manager, Tubular Products, David Britten. Upon completion of the project, the new mill should provide up to 50 new jobs at the Red Deer facility when operating at full capacity. Britten also added that he was pleased IPSCO Red Deer employees, represented by Ironworkers Local Union 805, have agreed to a two-year extension to the current collective agreement, which will now expire December 31, 2007.

IPSCO operates steel mills at three locations and pipe mills at six locations in Canada and the United States. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons. The Company's tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals. 

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, costs and performance of capital equipment, production levels, market forces, North American pricing of steel and pipe products, 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 40F.

Company Contact:
David Britten
Vice President and General Manager, Tubular Products
Tel. 630-810-4792
Release 03-27

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