IPSCO Announces Cash Dividends 

Regina, Saskatchewan, April 24, 2002 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable 28 June 2002 to shareholders of record as at 10 June 2002. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 August 2002 to shareholders of record as at 31 July 2002.