IPSCO Comments on Rumors

    LISLE, Ill., April 12 /CNW/ -- In response to market rumors and noting
recent appreciation in its stock price, IPSCO Inc. (NYSE/TSX: IPS) confirmed
today that it is currently in discussions that could lead to a potential
acquisition of the Company. There can be no assurance that any transaction
will occur, or as to the timing, structure or terms of any transaction.

    IPSCO is a leading producer of energy tubulars and steel plate in North
America with an annual steel making capacity of four million tons. With the
acquisition of NS Group, IPSCO now operates four steel mills, eleven pipe
mills, and scrap processing centers and product finishing facilities in 25
geographic locations across the United States and Canada. The Company's pipe
mills produce a wide range of seamless and welded energy tubular products
including oil & gas well casing, tubing, line pipe and large diameter
transmission pipe. Additionally, IPSCO is a provider of premium connections
for oil and gas drilling and production. IPSCO trades as "IPS" on both the New
York and Toronto Stock Exchanges.
    For more information about IPSCO, log on to http://www.ipsco.com.

    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 "believe",
"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
believes 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 achievements
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; general economic conditions; a significant change in
the timing of, or the imposition of any governmental conditions; the extent
and timing of our ability to obtain revenue enhancements and cost savings
following the transaction; and changes in financial markets. These and other
factors are outlined in the Company's regulatory filings with the Securities
and Exchange Commission and Canadian securities regulators, including those in
the Company's 2005 Form 10-K, and its MD&A, particularly as discussed under
the heading "Risk Factors Related To Our Industry". IPSCO undertakes no
obligation to publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events or

For further information:

For further information: Tom Filstrup, Director of Investor Relations of
 IPSCO Inc., +1-630-810-4772, tfilstrup@ipsco.com Web Site:

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