X0202 3 2006-01-03 0 0000879933 IPSCO INC IPS 0001349230 Olson Allan S C/O IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 1 0 0 0 Common Shares 21850 D Deferred Share Units 0 Common Stock Equivalents 6456.056 D Stock Options (right to buy) 16.83 2005-04-24 2012-04-24 Common Shares 500 D Performance Units 0 2006-07-23 Common Stock Equivalents 600 D Performance Units 0 2007-04-28 Common Stock Equivalents 1000 D Performance Units 0 2008-04-28 Common Stock Equivalents 1000 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. Stock options are granted in Canadian dollars. The noted exercise price has been converted from Cdn$26.40, using the Bank of Canada exchange rate at the date of grant of 1.5682. 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. Allan Olson By Leslie Lederer, Attorney-in-Fact 2006-01-09