IPSCO Inc. Satisfied With Preliminary Anti-Dumping Margins

15 February 1999

IPSCO Inc. Satisfied With Preliminary Anti-Dumping Margins

    REGINA, SASKATCHEWAN--Feb. 12, 1999-- IPSCO Inc.(TSE:IPS.) (Alberta Stock Exchange:IPS.) IPSCO Steel Inc. today expressed satisfaction with the announcement of significant preliminary anti-dumping margins against imports of hot-rolled sheet from Brazil and Japan.
    The Department announced margins of 25.14 percent for Nippon, 30.63 percent for NKK, 67.59 percent for Kawasaki, and 35.06 percent as the rate for all other Japanese exporters. Duties will be collected 90 days retroactively against Japan because of the surge in the volume of dumped imports from these countries.
    The margins were 50.66 percent for CSN, 71.02 percent for Cosipa/Usiminas, and 58.76 percent for all other Brazilian exporters. Subsidies found were 6.62 percent for CSN, 9.45 percent for Cosipa/Usiminas, and 7.85 percent for all other Brazilian steel exporters.
    The preliminary determination in the Russian investigation has been delayed.
    IPSCO Steel Inc., together with eleven other US producers and two unions filed cases on September 30, 1998. "The sheer magnitude of the margins found by the Department of Commerce clearly demonstrates that the immense surges in imports of hot-rolled steel were the result of artificially low pricing and not a shortage of steel in America," said Roger Phillips, Chairman of IPSCO Steel Inc. "Unfairly traded steel has created untold harm to our industry and IPSCO will join other US companies in filing unfair trade cases against other countries and regarding other products in the future as the situation warrants."
    Imports from Russia, Japan, and Brazil of hot-rolled sheet were 6.9 million short tons in 1998. This increased five times from 1996 levels. Imports from these three countries represented 63 percent of 1998 imports of hot-rolled sheet, and they took 23 percent of the US market.
    The Department of Commerce has scheduled its final determination for April 28, 1999. The case will then go to the International Trade Commission for a final injury determination. The ITC made a unanimous affirmative preliminary determination November 1998.
    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.