IPSCO Announces Cash Dividends 

Regina, Saskatchewan, February 5, 2002 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable 28 March 2002 to shareholders of record at the close of business on 11 March 2002. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 May 2002 to shareholders of record at the close of business on 30 April 2002.