IPSCO Inc. Announces Succesful Completion of Upgrade

Business Wire, July 18, 1997

REGINA, SASKATCHEWAN--(BUSINESS WIRE)--July 18, 1997--IPSCO (TSE:ASE;NYSE:IPS ) IPSCO Inc. announced today that it had successfully completed the (US) $12.4 million upgrade of its Camanche, Iowa pipe manufacturing facility. The upgrade results in increased capacity and product range at the Camanche site. The annual capacity of the Camanche facility, together with IPSCO's Nebraska facility, which comprises the Company's US pipe manufacturing operations, will now be 300,000 tons of product.

The plant, purchased in 1990, produces tubular products used in transportation, construction, manufacturing, and energy sector applications.

The upgrade includes improvements to the existing weld line, acquisition of new tooling for producing hollow structural shapes, and construction of a new pipe finishing line along with a warehouse of finished product storage. This will allow the facility to operate at higher levels with lower costs. Employment at the facility could increase to 175 from 100 at full levels of operation.

"The completion of the expansion is one more step in IPSCO's plans to be a larger player in the tubular market and complements the company's steel works being commissioned in Montpelier, Iowa." said Roger Phillips, President and Chief Executive Officer. Phillips and Iowa Governor Terry Branstad will be participating in a ribbon cutting inauguration of the expansion today.

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, including those discussed in IPSCO's Form 40-F for its fiscal year ended December 31, 1996.

CONTACT: IPSCO Inc.

Mario Dalla-Vicenza, 306/924-7264