IPSCO Announces The Appointment Of Gregory Burnett As Corporate Treasurer

Lisle, Illinois, December 12, 2005 - IPSCO Inc. (NYSE/TSX: IPS) today announced that Gregory R. Burnett has joined the Company as Corporate Treasurer.

Mr. Burnett brings nearly 20 years of financial, treasury, and accounting management experience to IPSCO, including 8 years in the steel industry. Most recently, Mr. Burnett served as Director of Treasury at U S Cellular Corporation, a $3 billion publicly held wireless company based in Chicago, Illinois. He joined US Cellular’s treasury department as Treasury Manager, after spending three years as the Company’s Manager of Financial Analysis and Business Planning. Prior to joining US Cellular, Mr. Burnett spent three years in financial planning and analysis roles with Chicago-based Eagle Industries, a multi billion-dollar acquisition and management company. Earlier in his career, Mr. Burnett spent eight years at Inland Steel Industries, the $5 billion NYSE-listed parent company of steel manufacturer Inland Steel and steel distributor Ryerson Tull. While at Inland, Mr. Burnett worked in various area including auditing, pension investments, corporate planning and development, financial planning and analysis, operations accounting, and credit. 

Mr. Burnett earned his MBA in Finance and Corporate Policy from the University of Chicago and his B.S. in Finance from Indiana University. 

IPSCO’s Senior Vice President and Chief Financial Officer, Vicki Avril, is pleased to welcome Mr. Burnett to IPSCO. "Mr. Burnett’s nearly 20 years of broad financial experience in finance and treasury, including as Director of Treasury for a large publicly traded company, and his familiarity with steel industry issues, makes him a strong addition to the IPSCO financial and management team," she stated.

Mr. Burnett will be based at IPSCO’s operational headquarters in Lisle, Illinois and will report directly to Ms. Avril. 

IPSCO, traded as "IPS" on both the New York Stock Exchange and Toronto Stock Exchange, operates steel mills at three locations and pipe mills at six locations in the United States and Canada. 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. Steel can also be further processed at IPSCO's five temper levelling and coil processing facilities. 

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 (at www.sedar.com) and the U.S. Securities and Exchange Commission (at www.sec.gov/edgar.shtml), including those in IPSCO’s Annual Report for 2004, 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
Tel.  630-810-4769
Release 05-46
    
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