IPSCO Revises Earnings Guidance.
Company Also Resumes Production In Alabama.

Lisle, Illinois, September 20, 2004 - IPSCO Inc. (NYSE/TSX: IPS) announced today it expects third quarter earnings will exceed $2.00 per diluted share, which is above the analyst consensus of $1.43 per share by more than 40%. Favorable results this quarter have been driven by continued strength in the market with strong product demand, resulting in higher margins. 

IPSCO's Steelworks in Mobile, Alabama, was shut down as a precautionary measure and to allow employees and their families to evacuate prior to the landfall of Hurricane Ivan. The facility was safely up and running only three days after the hurricane passed. The manufacturing facility sustained no damage and is operating efficiently. "Our employees in Mobile did an outstanding job of minimizing the effects of Hurricane Ivan," said David Sutherland, President and Chief Executive Officer. "The plant was well protected and production was returned on a very timely basis through the fortitude and dedication of our employees." IPSCO's employees, as well as logistics in the region, have been affected by the destruction of the storm, which will temporarily slow the shipping of products. The impact of Hurricane Ivan has been factored into the revised estimate for the quarter. 

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:
Vicki Avril
Senior Vice President and Chief Financial Officer
IPSCO
Tel. 630-810-4769
Release 04-32

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