IPSCO Completes $150 Million Unsecured Revolving Credit Facility

Lisle, Illinois, November 22, 2004 - IPSCO Inc. (NYSE/TSX: IPS) announced today the establishment of a new unsecured revolving credit facility totaling $150 million to replace an existing syndicated $200 million revolver that expires in March 2005. The new 3-year facility may be used for general corporate purposes. 

“IPSCO is delighted to have established a three year unsecured revolving credit facility demonstrating our bank group’s confidence in our financial strength,“ said Vicki Avril, IPSCO’s Senior Vice President and Chief Financial Officer.

The credit facility was arranged by TD Securities and JP Morgan Securities and includes a total of 9 lenders. 

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 04-42
  
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