IPSCO Withstands Hurricane Ivan

Lisle, Illinois, September 16, 2004 - Hurricane Ivan passed through Mobile, Alabama early this morning without significantly affecting IPSCO's (NYSE/TSX: IPS) Alabama steel mill.

The Mobile Steelworks did not experience flooding or damage and is physically ready to resume production. After an initial assessment by our safety and engineering crew, we can report the plant's structural integrity remains intact and any damage caused by the high winds has been external and limited to fallen trees and other landscape and aesthetic concerns. 

While we have had uninterrupted electrical power throughout the storm, we are working with our natural gas supplier and with the railroads to resume normal operations and with our employees, most of whom evacuated the area, to safely return to work.

We are waiting for a full assessment from these suppliers and will have a clearer timeline for full-scale resumption in the coming hours.

While we are relieved that we were not seriously affected by Ivan, we are sorry for all of those that were and will work with the authorities to offer whatever help we can.

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:
Kelly Brossart
Communications Department
IPSCO
Tel. 306-924-7475
Release 04-30

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