Ipsco Inc. announced it expects third quarter earnings will exceed $2.00 per diluted share, which is more than 40% higher than the analyst consensus of $1.43 per share. Favorable results this quarter have been driven by continued strength in the market with strong product demand, resulting in higher margins.

The favorable results will be tempered to some extent by the impact of Hurricane Ivan on Ipsco's Steelworks in Mobile, Ala., which was shut down as a precautionary measure and to allow employees and their families to evacuate prior to the hurricane’s landfall. The facility was safely up and running only three days after the hurricane passed. The manufacturing facility sustained no damage and is operating efficiently.

"Our employees in Mobile did an outstanding job of minimizing the effects of Hurricane Ivan," said David Sutherland, President and Chief Executive Officer. "The plant was well protected and production was returned on a very timely basis through the fortitude and dedication of our employees." Ipsco's employees, as well as logistics in the region, have been affected by the destruction of the storm, which will temporarily slow the shipping of products.

The impact of Hurricane Ivan has been factored into Ipsco’s revised estimate for the quarter.