IPSCO Announces Cash Dividends 

Lisle, Illinois, July 23, 2001 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.125 (Canadian) per share payable 28 September 2001 to shareholders of record as at 10 September 2001. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 November 2001 to shareholders of record as at 31 October 2001.