IPSCO Announces Cash Dividends 

Lisle, Illinois February 7, 2003 - IPSCO Inc. (NYSE/TSX:IPS) announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable March 31, 2003 to shareholders of record at the close of business on March 10, 2003. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable May 15, 2003 to shareholders of record at the close of business on April 30, 2003.

Company Contact:
John Comrie
Director, Trade Policy and Communications
IPSCO 
Tel: 630-810-4730
Release 03-05