IPSCO Closes Common Share Offering

This media release is not for distribution to United States newswire services or for dissemination in the United States.

Lisle, Illinois, 28 February 2002 - IPSCO Inc. (TSE/NYSE:IPS) announced today that it had completed an offering in Canada of 6,500,000 Common Shares at a price of CDN $23.25 per share for total net proceeds, after payment of the underwriting commission, of CDN $145,080,000.00 to an underwriting syndicate led by TD Securities Inc.

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

IPSCO said that in separate transactions recently completed it had renegotiated the most restrictive financial covenant in its U.S. $200 million revolving term facility which now provides that funded debt not exceed 50 percent of consolidated tangible net worth. The previous limit was 45 percent and the company reported a ratio of 43.0 percent at 31 December 2001. This rate is expected to drop to about 40 percent as the result of this latest successful share offering. In addition, IPSCO's U.S. $50 million demand operating facility was converted to a new committed U.S. $50 million 364-day unsecured credit facility. "These changes give IPSCO the financial flexibility to take advantage of whichever direction the steel business takes," said David Sutherland, President and Chief Executive Officer.

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. 

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. These and other factors are outlined in IPSCO's regulatory filings with the Securities and Exchange Commission, including those on IPSCO's Annual Report for 2000, its MD&A, particularly as discussed under the heading "Business Risks and Uncertainties", and Form 40-F.

Company Contact:
Bob Ratliff 
Vice President and Chief Financial Officer 
Tel. 630-810-4769

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