IPSCO Announces Multi-Million Legacy Gift To Regina, Saskatchewan
Regina, Saskatchewan, June 12, 2006 - IPSCO (NYSE/TSX: IPS) Inc. President and CEO, David Sutherland, and Regina Exhibition Association Chair Dale Canham today announced a multi-million dollar community partnership agreement, which will see IPSCO contribute $2.5 Million to assist with a recently announced renewal and revitalization plan for Regina Exhibition Park.
Under the 15-year partnership agreement, it was also announced that Regina Exhibition Park will be re-named
IPSCO Place in recognition of the company’s important contribution to the renewal and revitalization of the grounds and facilities.
"IPSCO has always believed strong communities help make strong companies, and that strong, profitable companies have the power to enrich the communities in which they do business by promoting new commerce and opportunities within those communities and beyond. We see the renewal and revitalization of
IPSCO Place as one such opportunity. We are proud to provide this legacy contribution to the people of Regina in this our fiftieth anniversary year,” Sutherland said.
"IPSCO has been a good corporate citizen in the Regina region for 50 years. I am extremely pleased they are continuing their support of this community through this generous contribution. Corporate partnerships are essential in revitalizing Regina's sport, recreation and entertainment infrastructure,” said Regina Mayor, Pat Fiacco.
On May 26, 2006 Regina Exhibition Association announced a long-range plan for renewal of the Brandt Centre and the development of a new 400,000 square foot Agri-Trade and Event Complex. This state-of-the-art, energy efficient facility will replace aging, inefficient buildings and will have the flexibility to host livestock events, as well as provide indoor winter sports and trade show exhibit space.
“We see strong community support for the renewal plan. The people of Regina recognize the important contribution these grounds and facilities make to our economy and quality of life,” Canham said.
“We rely heavily on the support of the corporate community, and we are extremely proud of the long-term relationships we have developed in Saskatchewan’s business community. As a result of the new IPSCO partnership we will be able to undertake a number of initiatives, including the immediate modernization of the Brandt Centre in time for the start of the 2006-2007 Western Hockey League Season,” Canham added.
“I congratulate David Sutherland and IPSCO on this very significant announcement today. Brandt is very pleased to partner with IPSCO and the Regina Exhibition Association, and to have the Brandt Centre located within the new
IPSCO Place,” said Gavin Semple, President of Brandt Industries Ltd.
IPSCO was founded in Regina 50 years ago and although its operations have grown to cover all of North America, the Company still maintains major facilities and operations in that City. The new
IPSCO Place (known formerly as “Regina Exhibition Park”) is located on 102 acres and includes over 1,000,000 square feet of facilities in the heart of Regina, Saskatchewan, Canada. Annually over 1 million people will pass through the gates of
IPSCO Place, with an economic impact of approximately $66 million.
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. 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. The company trades as "IPS" on both the New York Stock Exchange and Toronto Stock Exchange.
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:
Kelly Brossart
Tel. 306.924.7475
Release 06-14 |
