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Ipsco Appoints Senior VP
and Chief Financial Officer

May 13, 2004 — Ipsco Inc. announces the appointment of Vicki Avril as Senior Vice President and Chief Financial Officer, effective immediately.

Ms. Avril brings nearly 30 years of financial, treasury, and accounting management experience to Ipsco, including 23 years in the steel industry. From 2001 to 2003 Ms. Avril served as Senior Vice President and Chief Financial Officer of Wallace Computer Services, a $1.6 billion publicly held print management company based in Lisle, Ill. She was deeply involved in the sale of Wallace to Moore Corp., forming MooreWallace, the third-largest printing company in the United States. Prior to joining Wallace, Ms. Avril was Vice President Finance and Chief Financial Officer for Inland Steel Industries, the $5 billion NYSE-listed parent company of steel manufacturer Inland Steel and steel distributor Ryerson Tull, headquartered in Chicago, Ill. Prior to assuming the CFO position, Ms. Avril served Inland for four years as Corporate Treasurer and Director of Planning. Earlier in her 23-year career with Inland, she received numerous promotions in the finance, treasury and accounting functions.

Ipsco's President and CEO, David Sutherland, comments, "Ms. Avril's 23 years of experience in the steel industry coupled with her prior service as a successful CFO for two large publicly-held multi-location manufacturing companies makes her an excellent addition to Ipsco's leadership team."

Ms. Avril will be based at Ipsco's operational headquarters in Lisle, Illinois and will report directly to David Sutherland. Her appointment comes upon the retirement of Mr. Robert Ratliff who has served as Ipsco's Chief Financial Officer since June 2000.

Ipsco is a leading-edge electric furnace flat rolled steel producer with steelworks in Regina, Sask.; Montpelier, Iowa; and Mobile County, Ala., having a combined annual design capacity of 3,500,000 tons. Ipsco operates modern coil processing facilities in Regina, Sask.; Surrey, B.C.; St. Paul, Minn.; Toronto, Ont.; and Houston, Texas. Ipsco also operates pipe mills at six locations in Canada and the United States producing a wide range of tubular products including oil and gas well casing and tubing, line pipe, standard pipe and hollow structural sections.

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