SC 13D

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
(Rule 13d-101)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

IPSCO INC.
(Name of Issuer)

Common Shares
(Title of Class of Securities)

462 622 101
(CUSIP Number)

Ginette Depelteau
Caisse de dépôt et placement du Québec
1981 McGill College Avenue, Montreal (Quebec), H3A 3C7
Tel.: (514) 847-5901
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

February 19, 2003
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ]

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1. Name Of Reporting Persons
   I.R.S. Identification nos. of above persons (entities only)
   Caisse de dépôt et placement du Québec
   -------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
   (a) [ ]
   (b) [ ]
   - -------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
   - -------------------------------------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
   WC
   -------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
   - -------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
   Montreal (Quebec) Canada
   -------------------------------------------------------------------------------------------------------------
7. Sole Voting Power
   2,477,969 Common Shares
   -------------------------------------------------------------------------------------------------------------
8. Shares Voting Power
   - -------------------------------------------------------------------------------------------------------------
9. Sole Dispositive Power
   2,477,969 Common Shares
   -------------------------------------------------------------------------------------------------------------
10. Shares Dispositive Power
    - -------------------------------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
    2,477,969 Common Shares
    -------------------------------------------------------------------------------------------------------------
12. Check if the Aggregate Amount In Row (11) Excludes Certain Shares
    (See Instructions) [ ]
    - -------------------------------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
    5.20%
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14. Type of Reporting Person (See Instructions)
    CO
    -------------------------------------------------------------------------------------------------------------

This statement constitutes an initial filing on Schedule 13D by Caisse de dépôt et placement du Québec.

Item 1 - Security and Issuer

This statement is made with respect to the Common Shares (the "Shares") of Ipsco Inc. ("Ipsco"), a Canadian corporation, the address of the principal executive offices of which is P.O. Box 1670, Armour Road, Regina, Saskatchewan, Canada, S4P 3C7.

Item 2 - Identity and Background

This statement is filed by the Caisse de dépôt et placement du Québec ("Caisse"). Caisse is a legal person without share capital and a mandatary of the State of the Province de Québec, created by a special act of the Legislature of the Province de Québec. The principal business of Caisse is to receive on deposit and manage funds deposited by agencies and instrumentalities of the Province de Québec.

The address of Caisse's principal business and principal office is 1981, avenue McGill College, Montréal, Québec, H3A 3C7. The names of the directors and executive officers of Caisse, their business addresses, their present principal occupation or employment, and the name, principal business and address of any corporation or other organization in which such employment is conducted other than Caisse are set forth in Exhibit A, attached hereto.

Each of the directors and executive officers named in Exhibit A is a Canadian citizen, except Mr. John T. Wall who is an American citizen.

Neither Caisse nor any of the individuals listed in Exhibit A has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was or is subject to a judgment, decree or final order, enjoining future violations of, or prohibiting or mandating activities subject to, United States federal or state securities laws or finding any violation with respect to such laws as a result of a civil proceeding of a judicial or administrative body of competent jurisdiction.

Item 3 - Source and Amount of Funds or Other Consideration

The net Can. $2,224,362 paid for the 147,700 Shares acquired and beneficially owned by the Caisse were obtained from the funds on deposit at the Caisse.

Item 4 - Purpose of Transaction

The Shares reported on herein were purchased or sold for purposes of investment. Caisse intends to review its investment in Ipsco periodically, and may, depending on relevant economic and financial market conditions and matters relating to Ipsco, either acquire additional Shares or sell Shares. Any subsequent acquisition of such Shares by Caisse may be made by way of market purchases, private agreements or otherwise.

Caisse has no plan or proposal which relates to or would result in a change in Ipsco business, corporate structure, board of directors, management, capitalization, dividend policy, charter or bylaws or to the registration of Ipsco Shares or their listing on securities exchanges.

Item 5 - Interest in Securities of Issuer

1. With recent transactions, Caisse now beneficially owns 2,477,969 Shares, including 54,100 Shares owned by CDP Capital - World Markets inc., wholly-owned subsidiary by the Caisse. Therefore, the Shares presently owned by Caisse and CDP Capital - World Markets inc. represent 5.20% of the Shares outstanding pursuant to most recently available filing with the Commission.

The beneficial ownership of Ipsco by the individuals named in item 2 is set forth to the best of Caisse's knowledge in Exhibit D attached, when applicable.

Caisse has the power to vote and to dispose of the Shares it owns.

2. The dates and amounts of all transactions in the Shares that were effected by the Caisse during the past sixty days are set forth in Exhibit C attached hereto.
3. No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares of Ipsco listed in response to this item.

Item 6 - Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Caisse and, to the best of its knowledge, the individuals named in Item 2, have no contracts, arrangements, understandings or relationships with respect to any securities of Ipsco.

Item 7 - Material to be Filed as Exhibits

Exhibit A: List of Executive Officers and Directors of Caisse
Exhibit B: List of Executive Officers and Directors of CDP Capital - World Markets Inc.
Exhibit C: Table of Dates, Number of Shares Purchased and Price per Share of Purchases.

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Signature

Date: February 19, 2003

Ginette Depelteau
- -----------------------------------------------------------------------
Signature

Ginette Depelteau, Vice-President and Corporate Secretary
Name / Title

EX-99

EXHIBIT A

LIST OF EXECUTIVE OFFICERS AND DIRECTORS
OF Caisse de dépôt et placement du Québec

DIRECTORS	BUSINESS ADDRESS	PRINCIPAL OCCUPATION
Henri-Paul Rousseau	Caisse de dépôt et placement du Québec 1981, avenue McGill College Montréal (Québec) H3A 3C7	Chairman and Chief Executive Officer
Guy Morneau	Régie des rentes du Québec 2600, boul. Laurier, bureau 546 Québec (Québec) G1V 4T3	Chairman of the Board and President
Jean-Claude Bachand	Fraser Milner Casgrain 1, Place Ville-Marie Bureau 3900 Montréal (Québec) H3B 4M7	Lawyer
Bernard Bonin	745, Hot Springs Way Ottawa (Ontario) K1V 1W8
Claudette Carbonneau	Confédération des syndicats nationaux 1601, Delorimier Montréal (Québec) H2K 4M5	President
Alban D'Amours	Mouvement des caisses Desjardins 100, avenue des Commandeurs Lévis (Québec) G6V 7N5	President
Sylvie Dillard	Fonds québécois de la recherche sur la nature et les technologies 140, Grande-Allée Est, Bureau 450 Québec (Québec) G1R 5M8	Member and President of the board and Chief Executive Officer
Yves Filion	Hydro-Québec Distribution 75, boul. René-Lévesque Ouest Montréal (Québec) H2Z 1A4	President
Gilles Godbout	Ministère des Finances 12, rue St-Louis Québec (Québec) G1R 5L3	Deputy Minister, Finance, Economy and Research
Thomas O. Hecht	Technologies IBEX Inc. 5485, rue Paré Montréal (Québec) H4P 1P7	Chairman Emeritus
Henri Massé	Fédération des travailleurs et travailleuses du Québec 545, boul. Crémazie Est Montréal, (Québec) H2M 2V1	President
Nicole Trudeau	Commission municipale du Québec 500, René-Lévesque Blvd. West Suite 24.200 Montréal (Québec) H2Z 1W7	Vice-President
Duc Vu	Commission administrative des régimes de retraite et d'assurances 475, St-Amable Québec (Québec) G1R 5X3	President
John T. Wall	6601, Radnor Road Bethesda, Maryland 20817 USA

OFFICERS	BUSINESS ADDRESS	PRINCIPAL OCCUPATION
Henri-Paul Rousseau	Caisse de dépôt et placement du Québec 1981, avenue McGill College Montréal (Québec) H3A 3C7	Chairman and Chief Executive Officer
Fernand Perreault	Same	President, CDP Capital - Real Estate Group and Executive Vice-President, CDP Capital
Richard Guay	Same	Executive Vice-President, Risk Management and Depositors' Accounts Management, CDP Capital
Ghislain Parent	Same	Executive Vice-President, Finance and Administration, CDP Capital
François Geoffrion	Same	Executive Vice-President, Strategic Development, CDP Capital
Ginette Depelteau	Same	Vice-President and Corporate Secretary

EX-99

EXHIBIT B

LIST OF EXECUTIVE OFFICERS AND DIRECTORS
OF CDP CAPITAL - WORLD MARKETS INC.

DIRECTORS	BUSINESS ADDRESS	PRINCIPAL OCCUPATION
Gordon J. Fyfe	CDP Capital - World Markets Inc. 1981, McGill College Avenue Montreal (Quebec) H3A 3C7	President

OFFICERS	BUSINESS ADDRESS	PRINCIPAL OCCUPATION
Gordon J. Fyfe	CDP Capital - World Markets Inc. 1981, McGill College Avenue Montreal (Quebec) H3A 3C7	President
Denis Senécal	Same	Vice-President, Fixed Income and Currencies
François Grenier	Same	Senior Vice-President, Equity Markets
Stéphane Gagnon	Same	Vice-President, Sectoral Equity Management
Marc Provost	Same	Vice-President, Canadian Equities
Pierre Malo	Same	Vice-President, Currency Market
Christian Pestre	Same	Associate Vice-President, Hedge Funds, Global Fixed Income
Simon Lamy	Same	Associate Vice-President, Canada, Fixed Income and Currencies
Yvon Gaudreau	Same	Associate Vice-President, Corporate Bonds, Fixed Income and Currencies
Marc Cormier	Same	Associate Vice-President, Provincial and Index Bond Market
Sevgi Cecilia Ipek	Same	Associate Vice-President, EAFE, International Equity Market
Guy Lamontagne	Same	Associate Vice-President Alternative Equity Investments
Nathalie Guilbert	Same	Associate Vice-President, Finance and Administration

EX-99

EXHIBIT C

TABLE OF PURCHASES
OF IPSCO INC.

PURCHASES

DATE	NUMBER OF SHARES	PRICE PER SHARE IN CANADIAN DOLLARS
February 19	147,700	15.06

Purchases and Sales effected in Canada