IPSCO Comments on Its Second Quarter Earnings Outlook

Lisle, Illinois, June 15, 2004 - IPSCO Inc. (NYSE/TSX:IPS), announced today its second quarter earnings will exceed the $0.75 per share consensus analyst estimate by more than 45%, and expects earnings will meet or exceed $1.10 per diluted share. Favorable results this quarter have been driven by market conditions where unprecedented demand for IPSCO's products has supported continued price increases, combined with outstanding operating performance.

"Industrial demand has been strong and the smaller supply base for plate production in North America, coupled with continued strength in global markets, has ensured strong commercial operating performance," said David Sutherland, President and Chief Executive Officer. 

IPSCO's June raw material surcharge for plate has dropped 65% from the high point reached in the month of April reflecting the lower cost for scrap, IPSCO's major raw material. The surcharge mechanism has helped IPSCO deal with the unprecedented volatility of the ferrous scrap market.

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:
Vicki Avril
Senior Vice President and Chief Financial Officer 
Tel. 630-810-4769
Release 04-20
 
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