IPSCO Updates First Quarter Earnings Outlook

Lisle, Illinois, March 26, 2004 - IPSCO Inc. (NYSE/TSX:IPS), announced today its first quarter earnings expectations will exceed the $0.25 per share consensus analyst estimate by 50% or more within a range of $0.38 to $0.42 per diluted share. In a February 9, 2004 news release IPSCO stated it was comfortable with analysts' estimates, but conditions have changed since that earlier forecast. Current analysts' estimates for the balance of 2004 will also be exceeded, barring any unforeseen change in general business conditions or drilling activity.

"Good performance by the IPSCO team and favourable market conditions have exceeded our expectations," said David Sutherland, President and Chief Executive Officer. "We expect to report record quarterly shipments of tubular products because of our continued strong Canadian energy tubular market and shipments against our 36" diameter spiral pipe order announced earlier. The momentum of our plate business has been even more promising. Our two newest steelworks, in the United States, are running at full capacity. We are working hard to meet the demands of our customer base and in addition we have significant interest from new customers."

"We implemented a raw material surcharge at the beginning of this year given the unprecedented volatility of the ferrous scrap market. While our surcharge formula was not designed to recover, and has not fully recovered, all of our input cost increases, it has helped. Our expectation is these rapid cost increases will subside relatively soon, removing this cost element for both us and our customers," concluded Sutherland.

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, but not limited to, weather conditions affecting the oil patch, drilling rig availability, demand for oil and gas, supply, demand and price for scrap metal and other raw materials, supply, demand and price for electricity and natural gas, demand and prices for products produced by the IPSCO, general economic conditions and changes in financial markets. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those in IPSCO's Annual Report for 2002, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties," and its Form 40-F as amended.

Company Contact:
Bob Ratliff
Vice President and Chief Financial Officer
IPSCO 
Tel. 630-810-4769
Release 04-08

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