X0202 3/A 2006-01-03 2006-01-09 0 0000879933 IPSCO INC IPS 0001187134 HINSHAW JUANITA H C/O IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 1 0 0 0 Deferred Share Units 0 Common Stock Equivalents 3432.273 D Performance Units 0 2006-07-23 Common Stock Equivalents 600 D Performance Units 0 2007-04-28 Common Stock Equivalents 1000 D Performance Untis 0 2008-04-28 Common Stock Equivalents 1000 D Stock Options 18.13 2005-06-01 2012-06-01 Right to buy common shares 1666 D Stock Options 18.13 2004-06-01 2012-06-01 Right to buy common shares 1667 D Stock Options 18.13 2003-06-01 2012-06-01 Right to buy common shares 2600 D A deferred share unit or DSU is a bookkeeping entry equal to one common share of the Issuer. DSU's are awarded on a quarterly basis to non-employee directors only, and are payable by way of common shares or cash at the time a director retires from the board. DSU's are valued with reference to the trading price of common shares at the noted time of payment. There is no expiration date for DSU's. A performance unit or PU is a bookkeeping entry equal to one common share of the Issuer. It is payable on the noted date only upon the satisfaction of express performance objectives over an 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. Stock options are granted in Canadian dollars. The noted exercise price has been converted from Cdn$27.70, using the Bank of Canada exchange rate at the date of grant of 1.5280. Juanita Hunt Hinshaw By Leslie Lederer, Attorney-in-Fact 2006-01-24