Ipsco Inc. announced its second quarter earnings will exceed the $0.75 per share consensus analyst estimate by more than 45%, and expects earnings will meet or exceed $1.10 per diluted share.

Favorable results this quarter have been driven by market conditions where unprecedented demand for Ipsco's products has supported continued price increases, combined with outstanding operating performance. Results have been strong despite a 65% drop in the raw material surcharge since the high point reached in the month of April. The raw material surcharge mechanism, which now reflects a lower relative cost for scrap, had helped Ipsco deal with the recent unprecedented volatility of the ferrous scrap market.

"Industrial demand has been strong and the smaller supply base for plate production in North America, coupled with continued strength in global markets, has ensured strong commercial operating performance," said David Sutherland, President and CEO.