IPSCO Announces Approval Of Share Repurchase Program
Lisle, Illinois, May 4, 2006 - IPSCO Inc.’s (NYSE/TSX:IPS) Board
of Directors has authorized a share repurchase program, by way of
a normal course issuer bid through the facilities of the Toronto
Stock Exchange, of up to 10% of the public float of its common
shares, or approximately 4.7 million shares. As of April 24, 2006,
the Company had 48,076,018 shares outstanding. Any purchases under
the bid will be made during the period from May 9, 2006 to May 8,
2007, and will be made at the prevailing market price at the time
of purchase and subject to regulatory considerations. Common
shares purchased under this bid will be cancelled.
During the 12-month period of IPSCO’s previous normal course
issuer bid ending March 15, 2006, the Company purchased an
aggregate of 2,754,100 common shares at an average price of U.S.
$48.23 per share, with the last purchase occurring on December 15,
2005.
"The repurchase program will allow IPSCO to opportunistically
repurchase shares when appropriate as part of the Company’s
overall strategic objectives, without reducing the liquidity of
our shares," said David Sutherland, IPSCO’s President and
Chief Executive Officer.
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 2005 Form 10-K,
and its MD&A, particularly as discussed under the heading
"Business Risks and Uncertainties”.
Company Contact:
Tom Filstrup
Director of Investor Relations
Tel. 630 810-4772
tfilstrup@ipsco.com
Release 06-12
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