IPSCO Reacts to ITC 201 Ruling

Lisle, Illinois, 7 December 2001 - IPSCO (NYSE/TSE:IPS) today stated that, together with its partners in the coalition of mini mills, it will continue to encourage the President to enhance the leadership role he has shown in endorsing the need for a long-term resolution to the problems afflicting the steel industry worldwide. IPSCO is pleased that the ITC has recognized that serious injury has been caused by steel imports, that remedies are necessary, and that they should be in place for a period of several years. However, it is disappointed that the diverse package of remedy proposals put forth by members of the International Trade Commission in the s.201 steel safeguard case do not reflect the strong consensus of that same Commission, when it found that the steel industry had been seriously injured by imports. 

"The net result of the ITC recommendations falls short of the remedy which is called for by the circumstances" said John Tulloch, Senior Vice President for the Company. "We are particularly disturbed by the apparent encouragement that the ITC has given for more imports of slab, which would have the effect of undercutting further the ongoing health of even the most efficient producers in the United States."

As the remedy decision passes to the President, IPSCO is of the view that a strong long-term resolution includes a comprehensive 201 remedy recommendation that will adequately address the injury of the domestic steel industry. Such a remedy was recognized by some members of the ITC in the substantial tariff recommendations for non-NAFTA countries they put forward. IPSCO will encourage the President to craft his remedy following these recommendations. In addition, recognition and elimination of excess capacity worldwide must continue to be acted upon in order to restore the global industry to a healthy state.

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: 
Anne Parker
Vice President, Trade Policy and Communications 
Tel. 630-810-4790 
Release 01-47

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