SSAB and IPSCO Jointly Announce Expiration of Hart-Scott-Rodino Waiting Period



    LISLE, Ill. and STOCKHOLM, Sweden, June 12 /CNW/ -- IPSCO Inc. (NYSE/TSX:
IPS) and SSAB Svenskt Stal AB (SSAB) jointly announced today the expiration of
the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, in connection with the proposed plan of arrangement pursuant
to which IPSCO would be acquired by SSAB for a cash consideration of U.S. $160
per share.
    The expiration of the Hart-Scott-Rodino waiting period satisfies one of
the conditions to SSAB's acquisition of IPSCO. Consummation of the plan of
arrangement, which is expected to occur in the third quarter of 2007, remains
subject to other customary closing conditions, including approval of the plan
of arrangement by IPSCO's shareholders and obtaining certain regulatory
approvals.

    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
eight locations in the United States and Canada. IPSCO is a low cost North
American steel producer, and 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 oil and gas well casing and tubing, line pipe,
standard pipe and hollow structurals. Steel can also be further processed at
IPSCO's five temper leveling or coil processing facilities. For more
information about IPSCO, log on to http://www.ipsco.com.

    SSAB is a Swedish based publicly traded corporation with a leading
European position in Quenched & Tempered heavy plate and EHS/UHS steel sheet.
The Group comprises four divisions: Division Sheet and Division Heavy Plate
are the steel operations with steel shipments of 3.1 million metric tonnes in
2006, Plannja is a processing company in building products, and Tibnor is the
Group's trading arm supplying a broad product range of steel and metals. The
Group has sales revenues of almost US$ 4.6 billion. SSAB has 8,800 employees
and has operations or offices in over 40 countries and a worldwide sales
presence. For more information about SSAB, log on to http://www.ssab.com.

    This document contains forward-looking statements based on assumptions
that are subject to a wide range of business risks, including consummation of
the Plan of Arrangement being dependent on the satisfaction of customary
closing conditions, including the approval of IPSCO's shareholders and
obtaining of any required regulatory approvals. There is no assurance that the
estimates and expectations in this release will be realized. Important factors
that could cause actual results to differ materially from the forward-looking
statements are described in the periodic filings of IPSCO with the United
States Securities and Exchange Commission ("SEC"), including its Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. IPSCO does not undertake any
obligation to update or revise its forward-looking statements, whether as a
result of new information, future events or otherwise.

    
    Important Information:
    
    This communication is being made in respect of the proposed plan of
arrangement involving SSAB and IPSCO. In connection with the proposed
transaction, IPSCO has filed with the SEC on June 11, 2007 a definitive proxy
statement on Schedule 14A regarding the proposed Plan of Arrangement and will
file such proxy statement with the Canadian Securities Administrators. Before
making any voting or investment decisions, investors and security holders are
urged to read the definitive proxy statement when it becomes available and any
other relevant documents filed with the SEC because they will contain
important information. The definitive proxy statement will be sent to the
shareholders of IPSCO seeking their approval of the proposed transaction. In
addition you may obtain this document free of charge at the website maintained
by the SEC at http://www.sec.gov or at the website http://www.sedar.com. Also,
you may obtain documents filed with the SEC by IPSCO free of charge by
requesting them in writing from 650 Warrenville Road, Suite 500, Lisle,
Illinois 60532, or by telephone at (630) 810-4800.

    IPSCO and its directors and executive officers and other members of
management and employees may be deemed to be participants in the solicitation
of proxies in respect of the proposed transaction. Information regarding
IPSCO's directors and executive officers is available in IPSCO's proxy
statement for its 2007 annual meeting of shareholders, which was filed with
the SEC on March 21, 2007 and in the definitive proxy statement filed with the
SEC on June 11, 2007. Information regarding the persons who may, under the
rules of the SEC, be considered participants in the solicitation of IPSCO
shareholders in connection with the proposed transaction is set forth in the
definitive proxy statement filed with the SEC.
    IPS Ref#07-15





For further information:

For further information: Corporate Communications, Tommy Lofgren, +46 
70-525 94 14, tommy.lofgren@ssab.com, or Investor Relations, Stefan 
Lundewall, +46 70-508 28 57, stefan.lundewall@ssab.com, both of SSAB; or Tom 
Filstrup, Director of Investor Relations of IPSCO, +1-630-810-4772, 
tfilstrup@ipsco.com Web Site: http://www.ipsco.com/

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