IPSCO Receives Large Diameter Pipe Order

Company Reports Busy Order Book For Pipeline Steel

Lisle, Illinois, April 29, 2004 - IPSCO Inc. (NYSE/TSX: IPS) announced today it has received an order for 36" large diameter transmission line pipe for use in Enbridge Energy Partners, L.P.'s East Texas Expansion project. Spiral pipe production will commence in Regina immediately following completion of IPSCO's current Grade X-80 large diameter pipe order for the Cheyenne Plains pipeline project. The Enbridge order of approximately 43,000 tons is expected to be complete by the end of the third quarter. 

This order comes at a time when the Company is reporting solid business inclusive of plate and coil destined for large diameter line pipe. In addition to the steel for the Enbridge order, IPSCO has also received some 20,000 tons in orders for high strength specialty steel from other pipe makers for delivery over the next two quarters. 

"This sophisticated value added business demonstrates IPSCO's capabilities as a full supplier to the energy sector, " said IPSCO President and CEO, David Sutherland. "Our proven track record in producing pipe for the North American energy market, combined with our experience in making complex specialty grade steel, further positions IPSCO as a North American leader in advanced line pipe development."

IPSCO operates steel mills at three locations and pipe mills at six locations in 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's tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals, for a combined annual capacity of 1,725,000 tons.

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 IPSCO; general economic conditions and changes in financial markets. These and other factors are outlined in IPSCO's regulatory filings with the Canadian securities regulators and the Securities and Exchange Commission, including those in IPSCO's Annual Report for 2003, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties," its Annual Information Form, and its Form 40-F.

Company Contact:
John Comrie
IPSCO 
Tel. 630-810-4730
Release 04-15
 
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