IPSCO Signs Deal With Guardian Pipeline

Contract Keeps IPSCO Spiral Mill Operating to End of 2001

Lisle, Illinois, 29 August 2001, IPSCO (NYSE/TSE:IPS) announced today that it has finalized an order for 54,000 tons of 36" X70 pipe from Guardian Pipeline. The material will be produced at IPSCO's Regina spiral mill beginning mid-September and continuing until year-end. The 144 miles of IPSCO steel pipe will be used in a pipeline extending from Joliet, Illinois into Wisconsin. 

IPSCO welcomes release of this order for production, as the project will ensure its large diameter spiral mills are fully occupied for the last half of 2001. "The outlook for large diameter business continuing into 2002 is excellent," said David Britten, IPSCO Vice President and General Manager, Tubular Products. "As gas transportation systems are being reinforced to reflect the long term growing demand for cleaner fuels, IPSCO is pleased to illustrate its ability to provide a product which meets strict performance testing."

"It's expected the job will require just over 169,200 man hours of work, and ensure employment for 200 workers in the spiral mills through year-end," added Britten. 

IPSCO is a leading edge electric furnace flat rolled steel producer with steelworks in Regina, Saskatchewan; Montpelier, Iowa; and Mobile County, Alabama having a combined annual design capacity of 3,500,000 tons. A leader in the development of high strength steel and pipe, IPSCO operates pipe mills at five locations in Canada and the United States producing a wide range of tubular products including oil and gas well casing and tubing, line pipe, standard pipe and hollow structurals.

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 the market for large diameter pipe and the development of gas transportation systems. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those in IPSCO's Annual Report for 2000, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties", and Form 40-F.

Company Contact: 
David Britten
Vice President, Tubular Products 
Tel. 630-810-4792
Release 01-31

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