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IPSCO Decides Not to Proceed

25 January 1999

IPSCO Decides Not to Proceed

    REGINA, SASKATCHEWAN--Jan. 22, 1999-- IPSCO(TSE:IPS.) (Alberta Stock Exchange:IPS.) IPSCO Inc. and Novamerican Steel Inc. today announced that they had agreed not to proceed with a coil processing facility which had previously been announced as a joint venture planned for Philadelphia, Pennsylvania. The two companies said that a review of market conditions currently prevalent dictated it would not be prudent to proceed. The project had originally been proposed to cost U.S. $8 million.


    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 1997 Annual Report for its fiscal year ended December 31, 1997.