IPSCO Announces Cash Dividends

Lisle, Illinois, October 28, 2003 - IPSCO Inc. (NYSE/TSX:IPS), announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable December 31, 2003 to shareholders of record at the close of business on December 10, 2003. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable February 13, 2004 to shareholders of record at the close of business on January 30, 2004.

Company Contact:
John Comrie, QC
Director, Trade Policy and Communications
Tel. 630-810-4730
Release 03-28

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