IPSCO Includes NYSE In Share Repurchase Program
Lisle, Illinois, May 30, 2006 - IPSCO Inc. (NYSE/TSX:IPS) today reported that its share repurchase program by way of normal course issuer bid, announced May 4, 2006 and running until May 8, 2007, will be extended to include purchases of the common shares of the Company through the facilities of the New York Stock Exchange (NYSE). As with common share repurchases made on the Toronto Stock Exchange, any repurchases on the NYSE will be made at the prevailing market price at the time of purchase and subject to regulatory considerations. The maximum number of common shares of the Company that may be repurchased under the bid is 4.7 million, representing approximately 10% of the Company’s public float. The number of common shares repurchased and the timing of any such purchases will be determined by the Company. All common shares repurchased will be cancelled.
IPSCO operates steel mills at three locations and pipe mills at six locations in Canada and the United States. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons and provides further processing at its five cut-to-length lines located in both the U.S. and Canada. 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.
Note: This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believes”, “expect”, “will”, “can” and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although IPSCO Inc. believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: 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 2005 Form 10-K, and its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties”. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Company Contact:
Tom Filstrup
Director of Investor Relations
Tel. 630 810-4772
tfilstrup@ipsco.com
Release 06-13 |
