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May 31, 2006 — Ipsco Inc. reported that its share repurchase program by way of normal course issuer bid, announced May 4, 2006 and running until May 8, 2007, will be extended to include purchases of Ipsco’s common shares through the facilities of the New York Stock Exchange (NYSE).

As with common share repurchases made on the Toronto Stock Exchange, any repurchases on the NYSE will be made at the prevailing market price at the time of purchase and subject to regulatory considerations. The maximum number of Ipsco common shares that may be repurchased under the bid is 4.7 million, representing approximately 10% of the company's public float. The number of common shares repurchased and the timing of any such purchases will be determined by the company. All common shares repurchased will be cancelled.

Ipsco operates steel mills at three locations and pipe mills at six locations in Canada and the United States. As a low cost North American steel producer, Ipsco has a combined annual steel making capacity of 3,500,000 tons and provides further processing at its five cut-to-length lines located in both the U.S. and Canada. The company's tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals.

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