IPSCO Announces Cash Dividends 

Lisle, Illinois, February 9, 2001 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.125 (Canadian) per share payable 30 March 2001 to shareholders of record as at 9 March 2001. The Company also announced a cash dividend of $.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 May 2001 to shareholders of record as at 30 April 2001.