IPSCO Announces Cash Dividends 

Regina, Saskatchewan, July 24, 2002 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable 30 September 2002 to shareholders of record as at 10 September 2002. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable 15 November, 2002 to shareholders of record as at 31 October 2002.