IPSCO Settles Montpelier Steelworks Lawsuit

Lisle, Illinois, 27 April 2001, IPSCO (NYSE/TSE:IPS) announced today that its subsidiary, IPSCO Steel Inc. had reached agreement in principle to settle all claims and counterclaims in the outstanding lawsuit with Mannesmann Dematic Corporation and Mannesmann Demag Krauss-Mafei Aktiengesellschaft. The terms of the settlement provide that Mannesmann will pay IPSCO $28 million in cash and an additional $21.1 million, retained as a contract holdback and carried on IPSCO’s books as an account payable, will also be kept by IPSCO.

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. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those on IPSCO's Annual Report for 2000, its MD&A and Form 40-F.

Company Contact:
For Confirmation Only
Anne Parker
Vice President, Trade Policy and Communications
Tel. 630-810-4790
Release 01-19

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