IPSCO Updates First Quarter Earnings Outlook

Lisle, Illinois, April 15, 2004 - IPSCO Inc. (NYSE/TSX:IPS), announced today its first quarter earnings expectations will exceed the per share estimate previously announced and, subject to final review, should be $0.53 or $0.54 per diluted share. In a March 26, 2004 news release IPSCO stated it expected to report net earnings attributable to common shareholders of $0.38 to $0.42 per diluted share. 

"There were three significant factors which altered previous estimates as the quarter came to a close," said David Sutherland, President and Chief Executive Officer. "Sales of energy tubular products in Western Canada were stronger going into spring break-up than had been anticipated, and performances by both the United States Tubular operations and the Mobile steel mill exceeded expectations with record production and shipments."

Final IPSCO results for the first quarter will be announced before markets open on Monday, April 26, 2004 and the conference call with analysts has been scheduled for 10:00 a.m. EDT on April 26.

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, but not limited to, weather conditions affecting the oil patch, drilling rig availability, demand for oil and gas, supply, demand and price for scrap metal and other raw materials, supply, demand and price for electricity and natural gas, demand and prices for products produced by IPSCO, general economic conditions and changes in financial markets. 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 2003, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties," and its Form 40-F.

Company Contact:
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO 
Tel. 630-810-4769
Release 04-10

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