Dec. 4, 2006 — Ipsco Inc. announced the completion of its acquisition of NS Group, Inc., following a favorable vote by NS Group shareholders.

As part of the deal, Ipsco transferred to the paying agent, $66 per share in cash for each issued and outstanding share of NS Group's common stock. The aggregate price is approximately $1.46 billion, including NS Group's net cash.

Ipsco says this transaction represents a strategic opportunity to broaden its energy product offering and become the leading North American supplier of tubular products to the robust oil and natural gas sector. Ipsco's energy product offering has also been expanded to include NS Group's highly attractive seamless pipe and premium oilfield services provided by ULTRA, NS Group's recent acquisition.

"With a more diverse portfolio of products, enhanced production capabilities, excellent market positions in both seamless and welded pipe, and a strong commitment to our customers, Ipsco is well positioned to be the provider of choice in the North American energy pipe market. Moreover, we believe that this transaction will further enhance our ability to provide value-added products and services to our customers and create value for our shareholders," said David Sutherland, President and CEO.

Ipsco financed the acquisition through a combination of cash on hand and debt obtained under a $1.1 billion syndicated credit facility. Bank of America, J.P. Morgan and TD Securities were the lead arrangers for the syndicated credit facility.

Ipsco is a leading producer of energy tubulars and steel plate in North America with an annual steelmaking capacity of four million tons. With the acquisition of NS Group, Ipsco now operates four steel mills, eight pipe mills, scrap processing centers and product finishing facilities in 25 geographic locations across the United States and Canada. The company's pipe mills produce a wide range of seamless and welded energy tubular products including oil & gas well casing, tubing, line pipe and large diameter transmission pipe. Ipsco is also a provider of premium connections for oil and gas drilling and production.