IPSCO Announces Cash Dividend Increase

Lisle, Illinois, February 11, 2005 - IPSCO Inc. (NYSE/TSX: IPS) announced today an increase in its cash dividend on its common shares from CDN $0.10 to $0.12 per share payable March 31, 2005 to shareholders of record at the close of business on March 10, 2005.

IPSCO’s Fourth Quarter and Year End earnings will be released Monday February 14, 2005.

Company Contact:
John Comrie, QC
Director of Trade Policy and Communications
Tel. 630-810-4730
Release 05-07
    
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