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Ipsco Updates First Quarter
Earnings Outlook

April 16, 2004 — Ipsco Inc. announced that its first quarter earnings expectations will exceed the per-share estimate previously announced and, subject to final review, should be $0.53 or $0.54 per diluted share.

Ipsco had stated in a March 26th press release that it expected to report net earnings attributable to common shareholders of $0.38 to $0.42 per diluted share.

"There were three significant factors which altered previous estimates as the quarter came to a close," said David Sutherland, President and CEO. "Sales of energy tubular products in Western Canada were stronger going into spring break-up than had been anticipated, and performances by both the United States Tubular operations and the Mobile steel mill exceeded expectations with record production and shipments."

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