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Ipsco Reports Record 1st Quarter Results

April 26, 2004 — Ipsco Inc. announced record quarterly sales and earnings, including net income of $32.7 million on sales of $482.9 million.

Net income was $32.7 million and net income attributable to common shareholders totaled 54 cents per diluted share. These earnings were substantially better than first quarter 2003 net income of $4.4 million and net income attributable to common shareholders of just 3 cents per diluted share. Sales, $482.9 million, were $203.0 million (73%) higher than the first quarter of 2003.

"There were several factors which contributed to these results," said David Sutherland, President and CEO. "Ipsco has invested and grown substantially in the last decade. Our new investments in the United States are paying off with strong customer support, and at the same time, our traditional Western Canadian business has continued to deliver solid results. Sales of energy tubular products in Western Canada were at record levels, and both the United States tubular operations and the Mobile steel mill had record production and shipment performances. In addition, the entire Ipsco team has stayed focused on addressing customer needs."

"Clearly there have been major shifts in the markets that Ipsco serves and the company has been well positioned to take advantage of these conditions. While the speed and magnitude of these changes are unparalleled, we are confident in our programs and plan to stay disciplined with our execution. The current strength in the economy combined with a continuation of the commercial support we have in the marketplace indicate that Ipsco should meet or exceed second quarter analyst estimates. With the industry wide surcharge program mitigating most of the effects of unprecedented raw material volatility, and strong operating performance resulting in good conversion costs, Ipsco should have a record 2004," concluded Sutherland.

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