IPSCO Announces Cash Dividends

Lisle, Illinois, February 6, 2004 - IPSCO Inc. (NYSE/TSX:IPS), announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable March 31, 2004 to shareholders of record at the close of business on March 10, 2004. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable May 14, 2004 to shareholders of record at the close of business on April 30, 2004.

Company Contact:
John Comrie, QC
Director, Trade Policy and Communications
Tel. 630-810-4730
Release 04-04

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