SSAB to Acquire Outstanding IPSCO Shares

At a special meeting of IPSCO Inc. shareholders held this morning, shareholders voted to approve the Plan of Arrangement whereby SSAB Svenskt Stal AB (SSAB) will acquire all of the outstanding shares of IPSCO. Approximately 99% of the votes cast by shareholders were in favor of the transaction.

As previously announced, on May 3, 2007, IPSCO and SSAB entered into an agreement providing for IPSCO to be acquired by SSAB for U.S. $160 per share in cash for a total equity value of approximately U.S. $7.7 billion.

IPSCO and SSAB have received all regulatory approvals that are a condition to the completion of the transaction. The completion of the arrangement remains subject to the approval of the Ontario Superior Court of Justice and the satisfaction of certain other conditions described in the Management Proxy Circular dated June 11, 2007 that was mailed to shareholders of IPSCO and is available on SEDAR at http://www.sedar.com. IPSCO and SSAB expect the transaction to be completed on July 18, 2007.