"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an initial public offering," said chairman and chief executive Piotr Galitzine in a statement. 

"As a company, we’ve consistently made decisions in the best interests of our stockholders, employees and customers, and we will continue to do so."

The company had been planning to issue nearly 23.3 million shares and had looked to raise between US$465.1 million and US$534.9. IPSCO is the North American subsidiary of Russia's PAO TMK.