IPSCO Announces Organizational Change

Lisle, Illinois, January 22, 2004 - IPSCO Inc. (NYSE/TSX:IPS) announced today the appointment of John Tulloch to the position of Executive Vice President - Steel and Chief Commercial Officer. This appointment is effective immediately. In his expanded role, Mr. Tulloch will take on responsibility for all steel products operating and commercial activities, while continuing with his current corporate commercial responsibilities. 

Mr. Tulloch joined IPSCO in 1977, was appointed a Vice President of the Company in 1985, and has fulfilled a series of senior roles in the Company's steel and tubular businesses and at a corporate level. "John's familiarity in both operations and the commercial components of our Corporation will ensure consistent and continued strategic development of the Company," said David Sutherland, IPSCO's President and Chief Executive Officer. "In this new role, he will lead the effort to intensify the focus on critical performance issues within the business model that we have today, while moving forward in adding to existing business capability," Sutherland added.

Mr. Tulloch will continue to work out of the Company's Headquarters in Lisle, Illinois.

IPSCO operates steel mills at three locations and further offers a wide range of high strength steel and pipe products at its various pipemaking and coil processing facilities throughout Canada and the United States. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons. The Company is publicly traded being listed on the New York and Toronto Stock Exchanges.

This news release contains forward-looking information with respect to IPSCO's operations and beliefs. Actual results may differ from these forward looking statements due to numerous factors, including potential markets and demand for the materials produced, and production levels. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those on IPSCO's Annual Report for 2002

Company Contact:
Kelly Brossart
Corporate Communications
Tel. 306-924-7475
Release 04-02

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