IPSCO Announces Cash Dividends

Lisle, Illinois, April 29, 2004 - IPSCO Inc. (NYSE/TSX:IPS), announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable June 30, 2004 to shareholders of record at the close of business on June 10, 2004.

Company Contact:
John Comrie, QC
Director, Trade Policy and Communications
Tel. 630-810-4730
Release 04-16

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