IPSCO Raises U.S. Steel Plate Prices

Lisle, Illinois, 30 November 2001 - IPSCO Inc. (NYSE/TSE:IPS) IPSCO today announced that it has raised the price of its steel plate and wide coil products effective immediately for all new orders for shipment in the U.S. starting 1 January 2002. The $20 per ton increase applies to all mill plate products (both discrete and cut from coil) and to coiled steel in widths 84 inches and greater shipped to US customers. 

"This increase is only a partial restoration of the price of steel plate in the USA market" said John Tulloch, Senior Vice President and Chief Commercial Officer for the Company. "Plate and wide coil prices have deteriorated by many times this amount in the face of low priced imported product and deteriorating market conditions" he continued "and it is appropriate to start the return of plate and wide coil product prices to a more sustainable level for both our customers and for IPSCO."

IPSCO produces high quality carbon plate and wide coil at it's modern steel mills in Montpelier, Iowa, Mobile, Alabama and Regina, Saskatchewan supplemented by temper leveling coil processing lines at strategic locations in the US and Canada.

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 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, particularly as discussed under the heading "Business Risks and Uncertainties", and Form 40-F.

Company Contact: 
John Tulloch
Senior Vice President and Chief Commercial Officer 
Tel. 630-810-4767 
Release 01-46

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