IPSCO Announces Its Share Repurchase Plans
Lisle, Illinois, April 26, 2006 - IPSCO Inc. (NYSE/TSX:IPS)
announced in its earnings conference call today that the
Corporation is considering the re-establishment of its normal
course issuer bid that expired on March 15, 2006.
The share repurchase initiative will be put to the Corporation’s
Board of Directors at its next meeting of May 4, 2006, and will
also be subject to securities regulatory approval.
"During the twelve-month period of IPSCO’s previous normal
course issuer bid, we purchased a total of 2,754,100 common shares
at an average price of USD $59.76 per share. Management believes
that the ability to repurchase IPSCO’s common shares continues
to be an important component of our cash utilization
strategy," said David Sutherland, IPSCO’s President and
Chief Executive Officer.
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 leveling 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 the Company;
general economic conditions; and changes in financial markets.
These and other factors are outlined in IPSCO's regulatory filings
with the Securities and Exchange Commission and Canadian
securities regulators, including those in IPSCO's Annual Report
for 2005, and its MD&A, particularly as discussed under the
heading "Business Risks and Uncertainties" in its Form
10-K.
Company Contact:
Tom Filstrup
Director of Investor Relations
Tel. 630 810-4772
tfilstrup@ipsco.com
Release 06-09
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