Ipsco Inc. announced the establishment of a new $150 million unsecured revolving credit facility.

The new 3-year facility, which will replace an existing syndicated $200 million revolver that expires in March 2005, may be used for general corporate purposes.

"Ipsco is delighted to have established a three year unsecured revolving credit facility demonstrating our bank group's confidence in our financial strength," said Vicki Avril, Ipsco's Senior Vice President and Chief Financial Officer.

The credit facility was arranged by TD Securities and JP Morgan Securities and includes a total of 9 lenders.