SEC FORM 4/A

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Russo Joseph

(Last)

(First)

(Middle)

IPSCO INC

650 WARRENVILLE ROAD, SUITE 500

(Street)

LISLE

60532

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IPSCO INC [ IPS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr VP Chief Technical Ofc

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/01/2006

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares⁽¹⁾	07/27/2006	07/27/2006	A		2,560	A	⁽¹⁾	2,941	D
Restricted Shares	07/27/2006	07/27/2006	F		1,767	D	$84.91⁽²⁾	15,433	D
Restricted Shares⁽³⁾	07/27/2006	07/27/2006	D		4,233	D	$84.91⁽²⁾	11,200	D
Common shares⁽⁴⁾	07/27/2006	07/27/2006	A		4,233	A	$84.91⁽²⁾	7,174	D
Restricted Shares	08/02/2006	08/02/2006	J⁽⁷⁾		11,200	D	⁽⁷⁾	0	D
Common Shares	08/02/2006	08/02/2006	J⁽⁷⁾		11,200	A	⁽⁷⁾	18,374	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Performance Units	$0	07/27/2006	07/27/2006	A		2,560		06/30/2009⁽⁵⁾	⁽⁵⁾	Common Shares	2,560	⁽⁶⁾	5,760	D

Explanation of Responses:

1. The award of common shares noted is subject to a three-year performance period ending June 30, 2009.

2. Price is calculated with reference to the closing price of IPSCO Inc stock on the TSX on July 21, 2006 and converted to US dollars using the Bank of Canada's exchange rate on such date of 1.1384.

3. The noted restricted shares have been converted to common shares as a result of the completion of the performance period attached to such shares.

4. The common shares noted refer to the conversion of the restricted shares in Footnote 2 to common shares of IPSCO Inc.

5. A Performance Unit or "PU" is a bookkeeping entry equal to one common share of IPSCO Inc. It is payable on the noted date only upon the satisfaction of the express performance objectives over the express performance period. PU's may be paid in the form of common shares, cash or a combination of both. There is no express expiration date for performance units.

6. Price is calculated with reference to the closing of IPSCO Inc. stock on the TSX and converted to US dollars using the Bank of Canada's exchange rate on such date.

7. This transaction reflects the change of the title of the restricted shares previously reported from "Restricted Shares" to "Common Shares" for filing clarification purposes. No change has been made to the restrictions attached to such shares.

	Joseph Russo by Leslie Lederer, Attorney-in- Fact	08/04/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.