IPSCO Inc. Announces Common Share Offering

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Lisle, Illinois, 11 February 2002 - IPSCO Inc. (TSE/NYSE:IPS) announced today that it has entered into an agreement with a syndicate of investment dealers led by TD Securities Inc. under which the syndicate has agreed to purchase 5,400,000 Common Shares of the Company at a price of C$23.25 per Common Share, for gross proceeds of C$125,550,000. In addition, the syndicate has the option, until 48 hours prior to closing, to purchase up to an additional 1,100,000 Common Shares which, if exercised, would increase the offering to C$151,125,000 The offering is scheduled to close on or about February 28, 2002. 

The net proceeds will be used principally for the repayment of indebtedness owed under the Company's credit facilities and for general working capital purposes. 

The Common Shares will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

IPSCO is a leading mini-mill producer of steel and steel products in Canada and the U.S. The Company manufactures steel in hot-rolled coil and discrete plate forms.

For information, call:

Mr. Robert Ratliff 
Vice President and Chief Financial Officer 
Tel. 630-810-4800

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