X0202 4 2006-08-01 0 0000879933 IPSCO INC IPS 0001187134 HINSHAW JUANITA H IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 1 0 0 0 Common Stock 2006-08-01 4 M 0 600 A 600 D Performance Units 2006-08-01 4 M 0 600 D Common Stock 600 0 D Each Performance Unit or "PU" represented a contingent right of the reporting person to receive one common share of the Issuer upon the satisfaction of express performance objectives over an expressed performance period ending June 30, 2006. PU's, at the election of the reporting person, may be settled in the form of common shares or a combination of cash and common shares. There is no express expiration date for performance units. Juanita H. Hinshaw by Leslie Lederer, Attorney-in-Fact 2006-08-03