IPSCO Reports Record Sales and Earnings

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

Lisle, Illinois, April 26, 2004 - IPSCO Inc. (NYSE/TSX:IPS) announced today record quarterly sales and earnings. First quarter sales of $482.9 million were $203.0 million or 73% higher than the first quarter of 2003. Net income was $32.7 million and net income attributable to common shareholders totalled 54 cents per diluted share. These earnings were substantially better than first quarter 2003 net income of $4.4 million and net income attributable to common shareholders of just 3 cents per diluted share.

"There were several factors which contributed to these results," said David Sutherland, President and Chief Executive Officer. "IPSCO has invested and grown substantially in the last decade. Our new investments in the United States are paying off with strong customer support, and at the same time, our traditional Western Canadian business has continued to deliver solid results. Sales of energy tubular products in Western Canada were at record levels, and both the United States tubular operations and the Mobile steel mill had record production and shipment performances. In addition, the entire IPSCO team has stayed focused on addressing customer needs."

"Clearly there have been major shifts in the markets that IPSCO serves and the Company has been well positioned to take advantage of these conditions. While the speed and magnitude of these changes are unparalleled, we are confident in our programs and plan to stay disciplined with our execution. The current strength in the economy combined with a continuation of the commercial support we have in the marketplace indicate that IPSCO should meet or exceed second quarter analyst estimates. With the industry wide surcharge program mitigating most of the effects of unprecedented raw material volatility, and strong operating performance resulting in good conversion costs, IPSCO should have a record 2004," concluded Sutherland. 

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 Canadian securities regulators  and 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," its Annual Information Form, and its Form 40-F.

Company Contact:
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO 
Tel. 630-810-4769
Release 04-12

First Quarter 2004 Financial Statements
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Tons Shipped by Quarter
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Sales by Quarter
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