IPSCO Inc. Announces Special Meeting and Record Dates

    LISLE, Ill., June 1 /CNW/ -- IPSCO Inc. (NYSE/TSX: IPS) announced today
its Board of Directors has scheduled a special meeting of shareholders to vote
on the proposal to adopt the Plan of Arrangement pursuant to which IPSCO would
be acquired by SSAB Svenskt Stal AB for a cash consideration of U.S. $160 per
share. The special meeting will be held at 9:00 a.m., EDT on July 16, 2007 at
the King Edward Hotel located at 37 King Street East, Toronto, Ontario. The
close of business on June 11, 2007 will be fixed as the record date for
shareholders entitled to receive notice of and to vote at the special meeting.
The special meeting and record dates are subject to confirmation by the
Ontario Superior Court of Justice. Completion of the Plan of Arrangement is
subject to approval of 66 2/3% of the votes cast by shareholders of IPSCO at
the special meeting to consider the arrangement, Ontario court approval and
customary closing conditions, including obtaining certain regulatory

    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.

    This communication is being made in respect of the proposed plan of
arrangement involving SSAB and IPSCO. In connection with the proposed
transaction, IPSCO will file with the SEC a 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. 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 will be set forth in
the definitive proxy statement when it is filed with the SEC.

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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