IPSCO Announces Increase In Cash Dividend

Lisle, Illinois, April 28, 2005 - IPSCO Inc. (NYSE/TSX: IPS) announced today an increase of the cash dividend on its common shares from CDN $0.12 to $0.14 per share. The dividend will be payable June 30, 2005, to shareholders of record at the close of business on June 10, 2005. 

“IPSCO is pleased to be in a position to increase our quarterly dividend and improve the return to our shareholders,” said David Sutherland, IPSCO’s President and Chief Executive Officer. “We are committed to increasing shareholder value through actions such as debt repayments, share repurchase, increasing dividends, and making value added growth investments. IPSCO’s management and Board of Directors believe this dividend level is sustainable and ensures we remain competitive with our industry peers.”

IPSCO, traded as “IPS” on both the New York Stock Exchange and Toronto Stock Exchange, operates steel mills at three locations and pipe mills at six locations in the United States and Canada. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons. The Company's tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals. Steel can also be further processed at IPSCO's five temper leveling and coil processing facilities.

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 the Company, 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 and Canadian securities regulators, including those in IPSCO's Annual Report for 2004, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties", and its Form 40-F.

Company Contact:
John Comrie, QC
Director of Trade Policy and Communications
Tel. 630-810-4730
Release 05-19

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