UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-15 AND 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2003

Commission File Number: 001-14568

IPSCO INC.

(Exact name of registrant as specified in its charter)

P.O. Box 1670, Regina, Saskatchewan, Canada, S4P 3C7

 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ____

Form 40-F   x   

Indicated by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1). _____

Note:  Regulation S-T Rule 101 (b) (1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): _____

Note:  Regulation S-T Rule 101 (b) (7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's “home country”), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holder, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.  

Indicated by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934.

Yes

[   ]

No

[ x ]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b):  82-_____.

Exhibit Index

Exhibit No.	Description	Page No.
99.1	IPSCO Third Quarter MD&A	1
99.2	IPSCO Third Quarter Financial Statements	4

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

IPSCO Inc.

Date: 28 October 2003

By:  s/George Valentine

_______________________

George Valentine

Vice President, General Counsel

and Corporate Secretary

Exhibit 99.1

President's Letter to the Shareholders

While Management was neither pleased nor satisfied with third quarter results, we are encouraged that actions taken to deal with this very difficult industrial economy are starting to pay off. We have capitalized on our strength in energy tubulars in Western Canada, and successfully expanded our market share of these products in the United States. We recently announced an order for 150,000 tons of large diameter pipe that ensures production at our spiral mills through the first half of 2004. And we continue to have a solid order book for our plate facilities, which reflects continued customer support of our expansion into the United States.

Tubular product demand, driven by a healthy energy market, should remain strong as Canadian drilling rates are sustained. Large diameter sales will be substantially better in light of our recently announced order. We expect demand and pricing for steel mill products to improve slightly in the fourth quarter, and next year's outlook should continue this trend. However, scrap prices, a major cost component, have increased rapidly in recent months, and are not expected to improve.

Momentum towards a recovery in industrial demand has shown some signs of materializing. That circumstance could result in slightly better margins for steel mill  products in the fourth quarter, to compliment improving energy tubular results. Therefore we anticipate a return to profitability.

Management continues to work on several fronts to improve operating results. With modern facilities, cost efficient operations, and a clear focus on growth in value added product lines, IPSCO is managing its business for

long-term profitability.

David Sutherland

Third Quarter 2003

Management's Discussion and Analysis

Results of Operations

IPSCO had net income of $1.0 million for the quarter ended September 30, 2003, and a net loss attributable to common shareholders of 4 cents per diluted share. This compares to net income of $3.9 million in the third quarter of 2002 and a net loss of $3.5 million in the prior quarter. Net income attributable to common shareholders was 2 cents per diluted share in the third quarter of 2002 and a loss of 14 cents per diluted share last quarter.

Sales of $335.0 million for the third quarter were a second consecutive quarterly record, up $68.1 million or 26% over last year and up $36.8 million or 12% over the prior quarter. The stronger Canadian dollar contributed about $15 million of the increase over last year. Third quarter 2003 shipments were 817,300 tons, up 17% over the same quarter last year and up 9% over the prior quarter.

Third quarter sales of tubular products of $148.8 million were up 69% over last year and up 31% over last quarter. The average active Canadian rig count was up 56% over the third quarter of 2002 and up 88% compared to last quarter, which reflected the annual low point for drilling activity associated with spring breakup. Large diameter tubular product sales were up over last year but down from the prior quarter, and continued to run at very low levels.

Quarterly gross income of $25.2 million was $1.2 million lower than the same period last year but up $12.2 million over the prior quarter. Gross margin declined to 7.5% from 9.9% for the third quarter of last year, but was up from the 4.4% reported for the prior quarter. Pricing changes were mixed compared to the third quarter of 2002, but overall composite pricing was up $27 per ton compared to the third quarter of 2002 and $12 per ton compared to the prior quarter. The composite sales price increases relative to those two quarters reflect the favorable mix impact of a higher percentage of sales of tubular products.

The average cost of scrap charged to production this quarter increased $11 per ton compared to last year's third quarter. Natural gas costs were up about $3 per ton compared to the third quarter of 2002. Scrap costs increased just $3 per ton compared to the prior quarter, while energy costs actually declined. Even though Montpelier experienced a planned eight-day maintenance shutdown during the quarter, adversely affecting earnings per share by about 1 cent, steel mill production volume increased marginally from the prior quarter and was up 12% from the prior year when all three

steelworks experienced production outages.

Quarterly selling, research and administration expenses totaled $14.6 million, up 12% over the third quarter of 2002 and 4% over last quarter. Much of this year-over-year increase can be attributed to the stronger Canadian dollar.

Interest expense on long-term debt was $9.2 million, up over the $5.7 million reported last year and the $6.3 million reported in the second quarter of 2003, reflecting the increase in outstanding long-term debt due to the June 2003 $200 million bond issue. The proceeds from the senior unsecured notes were used to repay all outstanding debt under the existing bank line with the balance being held in cash, which could be used to redeem the Company's convertible preferred shares.

The effective tax rate was 70% for the quarter and first nine months of 2003. This rate is about twice the normal expected effective tax rate and reflects IPSCO's decision to not

recognize additional income tax benefits on operating losses in the United States until they are realized at some future date.

Year to date sales totaled $913.1 million, an increase of 11% over the first nine months of 2002. Steel mill product sales of $527.7 million were up slightly over the first nine months of 2002. Steel mill composite selling prices increased about $22 per ton while tons shipped dropped 6%. Tubular product sales increased from $299.8 million in the first nine months of 2002 to $385.4 million in 2003. Tubular composite selling prices increased over $60 per ton, and tons shipped increased a solid 14%.

Gross margin declined from 8.5% to 6.7% year over year. Margins on steel mill products have declined because higher costs for scrap and energy have exceeded conversion cost improvements attributable to record production levels and realized price increases.

Foreign exchange gains in the quarter reflected the continued strengthening of the  Canadian dollar. The quarterly average exchange rate was 72.6 cents in the third quarter of 2003, compared to 63.9 cents in the third quarter of 2002 and 63.7 cents for all of 2002. The second quarter 2003 average was 71.5 cents.

Net income was $2.0 million for the first nine months of 2003, and the net loss attributable to common shareholders was 15 cents per diluted share. This compares to 2002 net income of $7.4 million through the first nine months, and a net loss attributable to common shareholders of 2 cents per diluted share.

Financial Position and Liquidity

The principal indicators of IPSCO's liquidity are its cash position and amounts available to be drawn under the bank line of credit. The Company has a committed revolving term

facility of $200.0 million to March 4, 2005. At September 30, 2003 there were no drawings under this line, but letters of credit of $12.9 million were outstanding. Over the next 12 months, $35.4 million of long-term debt will mature. Management believes cash on hand, availability from existing credit facilities and future cash generated from

operations will be more than sufficient to meet requirements.

Cash at September 30, 2003 was $109.0 million, an increase of $22.4 million in the quarter. Through nine months of 2003, cash derived from operating activities improved $31.2 million or 71% over last year despite the lower earnings results.

Net cash of $31.3 million was generated from operations during the third quarter. Net income plus amortization totaled $16.0 million. Other sources of cash included $14.0 million from payables and $11.2 million from inventory. Reductions in flat rolled inventories and scrap were a source of cash, with teams at all major locations focused on meeting customer requirements while minimizing this working capital investment. Scrap inventory was down, particularly in Mobile, due to anticipated cost moderation in the fourth quarter. Those sources were partially offset by the record quarterly sales which required $17.1 million use of cash for increased receivables.

Investment in capital assets was $2.6 million, down considerably from the third quarter of 2002 and the prior quarter. For the first nine months of 2003 capital investment totaled $10.2 million. Investments will continue to be tightly focused on maximizing shareholder value, and should approach $10 million in the fourth quarter because of projects approved to strengthen IPSCO's core product lines. Management believes cash requirements for capital investments could continue to be modest given IPSCO's modern, well-maintained, efficient production facilities.

Other Matters

In late July 2003, IPSCO's Management and Board conducted a review of the Company's position in the National Pollutant Release Inventory case that IPSCO had previously filed against Environment Canada. After considering all factors relevant to this litigation, several of which were discussed in IPSCO's most recent Management Proxy Circular, the Company elected to withdraw the case.

Exhibit 99.2

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(thousands of United States Dollars except for share, per share and ton data)

			For the Three Months Ended						For the Nine Months Ended
			September 30		September 30		June 30		September 30		September 30
			2003		2002		2003		2003		2002
Plate and Coil Tons Produced (thousands)			772.6		690.9		767.8		2,200.8		2,120.5
Finished Tons Shipped (thousands)			817.3		697.8		748.8		2,240.3		2,258.2
Sales		$	334,974	$	266,908	$	298,216	$	913,053	$	825,626
Cost of sales
Manufacturing and raw material			294,779		226,758		269,969		806,910		715,867
Amortization of capital assets			15,007		13,737		15,245		44,818		39,216
			309,786		240,495		285,214		851,728		755,083
Gross income			25,188		26,413		13,002		61,325		70,543
Selling, research and administration			14,642		13,069		14,047		40,699		39,631
Operating income (loss)			10,546		13,344		(1,045)		20,626		30,912
Other expenses (income):
Interest on long-term debt			9,210		5,726		6,271		21,234		17,969
Other interest (income) expense, net			(370)		(43)		(206)		(744)		182
Foreign exchange loss (gain)			(1,013)		1,560		(3,287)		(5,712)		1,117
Other			(677)		-		-		(677)		-
Income (Loss) Before Income Taxes			3,396		6,101		(3,823)		6,525		11,644
Income Tax Expense (Benefit)			2,377		2,197		(313)		4,568		4,196
Net Income (Loss)			1,019		3,904		(3,510)		1,957		7,448
Dividends on Preferred Shares, including part VI.I tax			1,598		1,408		1,570		4,631		4,206
Interest on Subordinated Notes, net of income tax			1,443		1,443		1,443		4,329		4,329
Net Income (Loss) Attributable to Common Shareholders		$	(2,022)	$	1,053	$	(6,523)	$	(7,003)	$	(1,087)
Earnings (Loss) Per Common Share	- Basic	$	(0.04)	$	0.02	$	(0.14)	$	(0.15)	$	(0.02)
	- Diluted	$	(0.04)	$	0.02	$	(0.14)	$	(0.15)	$	(0.02)
Denominator for Basic Earnings per Common Share (thousands)			47,668		47,540		47,667		47,667		46,106
Denominator for Diluted Earnings per Common Share (thousands)			47,668		47,815		47,667		47,667		46,106
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (unaudited)
		(thousands of United States Dollars)
			For the Three Months Ended						For the Nine Months Ended
			September 30		September 30		June 30		September 30		September 30
			2003		2002		2003		2003		2002
Retained Earnings at Beginning of Period		$	486,238	$	486,589	$	494,523	$	494,599	$	491,777
Net Income (Loss)			1,019		3,904		(3,510)		1,957		7,448
Dividends on Preferred Shares, including part VI.I tax			(1,598)		(1,408)		(1,570)		(4,631)		(4,206)
Interest on Subordinated Notes, net of income tax			(1,443)		(1,443)		(1,443)		(4,329)		(4,329)
Dividends on Common Shares			(1,754)		(1,510)		(1,762)		(5,134)		(4,558)
Retained Earnings at End of Period		$	482,462	$	486,132	$	486,238	$	482,462	$	486,132

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(thousands of United States Dollars)
		For the Three Months Ended						For the Nine Months Ended
	September 30			September 30		June 30		September 30		September 30
	2003			2002		2003		2003		2002
Cash Derived From (Applied To)
Operating Activities
Working capital provided by operations
Net income (loss)	$	1,019	$	3,904	$	(3,510)	$	1,957	$	7,448
Amortization of capital assets		15,007		13,737		15,245		44,818		39,216
Amortization of deferred charges		344		211		321		883		602
Deferred pension expense		41		(922)		258		1,136		(2,142)
Future income taxes		6,429		(3,746)		591		10,009		8,899
		22,840		13,184		12,905		58,803		54,023
Change in non-cash operating working capital
Accounts receivable, less allowances		(17,099)		20,196		(13,826)		(26,709)		(30,093)
Inventories		11,166		(21,687)		(18,950)		5,439		7,877
Other		460		276		(139)		826		184
Accounts payable and accrued charges		13,955		(3,920)		(11,216)		37,119		12,250
		8,482		(5,135)		(44,131)		16,675		(9,782)
		31,322		8,049		(31,226)		75,478		44,241
Financing Activities
Common share dividends		(1,754)		(1,510)		(1,762)		(5,134)		(4,558)
Issue of common shares (net of issue costs)		-		-		-		-		90,670
Common shares issued pursuant to share option plan		137		113		-		137		1,942
Preferred share dividends		(1,479)		(1,314)		(1,482)		(4,327)		(3,939)
Subordinated notes interest		(4,250)		(4,250)		-		(8,500)		(8,500)
Issue of long-term debt		-		10,000		254,600		264,600		45,000
Repayment of long-term debt		-		(6,100)		(157,586)		(225,586)		(111,100)
		(7,346)		(3,061)		93,770		21,190		9,515
Investing Activities
Expenditures for capital assets		(2,557)		(6,767)		(4,139)		(10,194)		(30,316)
Proceeds on sale of assets held for sale		1,022		-		1,032		2,054		-
Other		-		-		-		-		(1,706)
		(1,535)		(6,767)		(3,107)		(8,140)		(32,022)
Effect of exchange rate changes on cash and cash equivalents		(65)		(854)		(2,368)		(2,381)		(882)
Increase (Decrease) in Cash and Cash Equivalents less Bank Indebtedness		22,376		(2,633)		57,069		86,147		20,852
Cash and Cash Equivalents less Bank Indebtedness at Beginning of Period		86,630		25,977		29,561		22,859		2,492
Cash and Cash Equivalents less Bank Indebtedness at End of Period	$	109,006	$	23,344	$	86,630	$	109,006	$	23,344
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(thousands of United States Dollars)
					September 30			September 30		December 31
						2003		2002		2002
						(unaudited)		(unaudited)
Current Assets
Cash and cash equivalents					$	109,006	$	23,344	$	22,859
Accounts receivable, less allowances						191,505		146,801		153,752
Inventories						266,710		231,517		255,410
Other						2,198		1,847		2,847
Future income taxes						23,131		45,130		41,402
						592,550		448,639		476,270
Non-Current Assets
Capital and other						1,139,613		1,148,170		1,146,456
Future income taxes						150,820		115,994		121,586
						1,290,433		1,264,164		1,268,042
Total Assets					$	1,882,983	$	1,712,803	$	1,744,312
Current Liabilities
Accounts payable and accrued charges					$	178,291	$	157,073	$	136,072
Current portion of long-term debt						34,286		35,386		35,386
						212,577		192,459		171,458
Long-Term Liabilities
Long-term debt						398,130		306,637		342,202
Future income taxes						164,347		142,836		143,229
						562,477		449,473		485,431
Shareholders' Equity
Preferred shares						98,654		98,550		98,553
Common shares						351,569		348,775		351,311
Subordinated notes						102,125		102,125		104,250
Retained earnings						482,462		486,132		494,599
Cumulative translation adjustment						73,119		35,289		38,710
						1,107,929		1,070,871		1,087,423
Total Liabilities and Shareholders' Equity					$	1,882,983	$	1,712,803	$	1,744,312

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(thousands of United States Dollars)

1.	The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Canadian generally accepted accounting principles on a basis consistent with those used in the preparation of the most recent annual financial statements. These unaudited consolidated interim financial statements do not include all the information and footnotes required by generally accepted accounting principles for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company's Annual Report for the year ended December 31, 2002.
2.	Certain prior period amounts have been reclassified to conform with the current presentation.
3.	During the quarter ended September 30, 2003, the Company sold a portion of its assets held for sale for cash of $1,022 and a mortgage of $6,536. The transaction resulted in no gain or loss.
4.	During the quarter ended June 30, 2003, the Company issued $200 million 8.75% senior notes due 2013. Debt issue expenses of $5.4 million have been deferred and will be amortized over the term of the notes.
5.	Under the terms of the Company's agreement for sale and leaseback of certain of the Montpelier Steelworks production equipment, the Company has guaranteed the residual value of the equipment at the end of the 15 year lease term to be $37.5 million.
6.	During the quarter ended September 30, 2003, 10,417 shares of restricted stock, 76,500 restricted shares and 65,543 performance units were granted under the Company's share option plan. The restricted shares and performance units vest at the end of three years based on continued employment and achievement of certain Company performance objectives. Restricted shares are entitled to dividends declared on common shares during the vesting period and, upon vesting, performance units are entitled to an amount equal to dividends declared during the vesting period. The fair value of the grants is being amortized to compensation expense over the vesting period. Compensation expense of $222 has been recorded in the three and nine month periods ended September 30, 2003.

The following table summarizes information on share capital and related matters at September 30, 2003:

	Outstanding	Vested
Preferred shares	6,000,000
Common shares	47,757,404
Common shares - year-to-date weighted average	47,667,498
Common share stock options	3,180,954	3,147,887
Restricted stock	10,417	-
Restricted shares	76,500	-
Performance units	65,195	-

7.
   The Company is organized and managed as a single business segment, being steel products, and the Company is viewed as a single operating segment by the chief operating decision maker for the purposes of resource allocation and assessing performance.

Financial information on the Company's geographic areas follows. Sales are allocated to the country in which the third party customer receives the product.

		For the Three Months Ended						For the Nine Months Ended
		September 30		September 30		June 30		September 30		September 30
		2003		2002		2003		2003		2002
Sales
Canada	$	127,412	$	83,135	$	96,204	$	345,993	$	248,861
United States		207,562		183,773		202,012		567,060		576,765
	$	334,974	$	266,908	$	298,216	$	913,053	$	825,626
					September 30			September 30		December 31
						2003		2002		2002
Capital Assets
Canada					$	200,244	$	207,732	$	186,377
United States						917,890		935,590		947,980
					$	1,118,134	$	1,143,322	$	1,134,357
		For the Three Months Ended						For the Nine Months Ended
		September 30		September 30		June 30		September 30		September 30
		2003		2002		2003		2003		2002
Sales information by product group is as follows:
Steel mill products	$	186,195	$	178,953	$	184,937	$	527,663	$	525,862
Tubular products		148,779		87,955		113,279		385,390		299,764
	$	334,974	$	266,908	$	298,216	$	913,053	$	825,626

8.
   The Company's pro forma disclosure of net income and earnings per share using the Black-Scholes option pricing model for determining the compensation expense related to employee stock options follows. For purposes of the pro forma disclosures the estimated fair value of the options is amortized over the options' vesting period.

		For the Three Months Ended						For the Nine Months Ended
		September 30		September 30		June 30		September 30		September 30
		2003		2002		2003		2003		2002
Pro forma net income (loss)	$	998	$	3,726	$	(3,489)	$	1,771	$	7,015
Pro forma net income (loss) attributable
to common shareholders	$	(2,043)	$	875	$	(6,502)	$	(7,189)	$	(1,520)
Pro forma earnings (loss) per common share:
Basic	$	(0.04)	$	0.02	$	(0.14)	$	(0.15)	$	(0.03)
Diluted	$	(0.04)	$	0.02	$	(0.14)	$	(0.15)	$	(0.03)
TONS SHIPPED(unaudited)
(thousands)
		For the Three Months Ended						For the Nine Months Ended
		September 30		September 30		June 30		September 30		September 30
		2003		2002		2003		2003		2002
Discrete Plate and Coil		411.2		383.6		400.5		1,124.3		1,201.2
Cut Plate		143.6		142.4		143.3		428.1		452.4
Total Steel Mill Products		554.8		526.0		543.8		1,552.4		1,653.6
Energy Tubulars		169.0		91.9		103.4		417.7		276.0
Large Diameter Tubulars		29.5		15.0		46.3		87.2		114.4
Non-Energy Tubulars		64.0		64.9		55.3		183.0		214.2
Total Tubular Products		262.5		171.8		205.0		687.9		604.6
Total Shipments		817.3		697.8		748.8		2,240.3		2,258.2

NON-GAAP FINANCIAL MEASURES (unaudited)

(thousands of United States Dollars except for per ton data)

EBITDA is defined as earnings before interest expense, income taxes and amortization. EBITDA does not represent, and should not be considered as, an alternative to net income or cash flows from operating activities, each as determined in accordance with GAAP. Moreover, EBITDA does not necessarily indicate whether cash flow activities will be sufficient for items such as working capital or debt service or to react to industry changes or changes in the economy in general. We believe that EBITDA, EBIT and ratios based on EBITDA are measures commonly used to evaluate a company's performance and its performance relative to its financial obligations. Because our method for calculating EBITDA may differ from other companies' methods, the EBITDA measures presented by us may not be comparable to similarly titled measures reported by other companies. Therefore, in evaluating EBITDA data, investors should consider, among other factors: the non-GAAP nature of EBITDA data; the GAAP financial statement amounts; actual cash flows and results of operations; the actual availability of funds for debt service, capital expenditures and working capital; and the comparability of our EBITDA data to similarly titled measures reported by other companies.

EBIT is defined as earnings before interest expense and income taxes.

Operating income per ton is defined as operating income divided by finished tons shipped.

		For the Three Months Ended						For the Nine Months Ended
	September 30			September 30		June 30		September 30		September 30
	2003			2002		2003		2003		2002
The following is a reconciliation of net income (loss) to EBIT and EBITDA (Canadian GAAP) and EBITDA (US GAAP):
Net Income (Loss)	$	1,019	$	3,904	$	(3,510)	$	1,957	$	7,448
Income Tax Expense (Benefit)		2,377		2,197		(313)		4,568		4,196
Interest expense (income), net		8,840		5,683		6,065		20,490		18,151
EBIT (Canadian GAAP)		12,236		11,784		2,242		27,015		29,795
Amortization of capital assets		15,007		13,737		15,245		44,818		39,216
EBITDA (Canadian GAAP)		27,243		25,521		17,487		71,833		69,011
US GAAP adjustments relating to:
Sale and leaseback		3,471		3,471		3,471		10,413		10,413
Natural gas hedge		(366)		180		(102)		(634)		850
EBITDA (US GAAP)	$	30,348	$	29,172	$	20,856	$	81,612	$	80,274
Operating Income (Loss) Per Ton	$	13	$	19	$	(1)	$	9	$	14
Annualized Return on Common Shareholders' Equity		-1%		0%		-3%		-1%		0%