IPSCO Announces Cash Dividends 

Lisle, Illinois, July 24, 2003 -- IPSCO Inc. (NYSE/TSE:IPS) announced today a cash dividend on its common shares of $0.05 (Canadian) per share payable September 30, 2003 to shareholders of record at the close of business on September 10, 2003. The Company also announced a cash dividend of $0.34375 (Canadian) per Cumulative Redeemable First Preferred Share, Series 1 payable November 14, 2003 to shareholders of record at the close of business on October 31, 2003.

Company Contact:
John Comrie, QC, Director of Trade Policy and Communications
Tel. 630-810-4730
Release 03-21