---

IPSCO Inc. Announcement

16 February 2000

IPSCO Inc. Announcement

    REGINA, Saskatchewan--Feb. 16, 2000--IPSCO Inc. (TSE:IPS.)today announced that it has increased its price for steel plate products in Canada by $30 CDN per ton effective immediately with new orders for shipment from 3 April 2000 onwards. This follows the earlier announcement by IPSCO's US subsidiary, IPSCO Steel Inc., that its plate prices were increased by $20 US, also 3 April.
    This increase in prices reflects the improved market conditions for IPSCO's discrete plate products. These increases follow two others which came into effect in November 1999 and February 2000, bringing the cumulative increases to $90 CDN or $60 US, partially restoring plate pricing to levels which were in effect prior to the dramatic import-led decreases of 1998 and 1999.
    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 1998 Annual Report for its fiscal year ended December 31, 1998.