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

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

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Exhibit #	Description	Page #
I	News Release – IPSCO Develops 123” Wide Coil Capablity	1-2

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.

[Lisle, Illinois] [August 31 , 2004] -- IPSCO Inc. (NYSE/TSX: IPS) announced today it has successfully produced 123” wide hot rolled coils at its Mobile, Alabama Steelworks. With this achievement, IPSCO has expanded its product line and operating flexibility, further differentiating the Company from its competitors.

“We believe that, coupled with our wide slab casting capability, IPSCO has the widest coil production offering in North America” stated Peter MacPhail, IPSCO’s Vice President of Primary Operations. IPSCO’s newest steel mill, the Mobile Steelworks, has been increasing its product capabilities steadily since its start-up in 2001. Production rates and product capabilities have consistently exceeded expectations through that period.

The key benefit of this development lies in the potential productivity gains within IPSCO. “There is a significant potential to increase output of the steel mill by rolling wider widths to be slit down for narrow coil applications with external customers or at our own pipe mills and cut-to-length lines,” said MacPhail. In addition, these wide coils could be utilized to make longitudinally welded high grade steel line pipe up to 36” in diameter at very high speeds. “While these developments are being evaluated as part of our on going strategic positioning, we are pleased to have demonstrated the steel mill’s capability to operate effectively at these widths,” he added.

IPSCO operates steel mills at three locations and pipe mills at six locations in Canada and the United States. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons and provides further processing at its five cut-to-length lines located in both the U.S. and Canada. The Company’s tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals.

For further information on IPSCO, please visit the company’s web site at www.ipsco.com.

This news release contains forward-looking information with respect to IPSCO’s operations and beliefs. Actual results may differ from these forward-looking statements due to numerous factors, including, but not limited to, weather conditions affecting the oil patch; drilling rig availability; demand for oil and gas; supply, demand and price for scrap metal and other raw materials; supply, demand and price for electricity and natural gas; demand and prices for products produced by IPSCO; general economic conditions and changes in financial markets. These and other factors are outlined in IPSCO’s regulatory filings with the Canadian securities regulators (at www.sedar.com) and the Securities and Exchange Commission, including those in IPSCO’s Annual Report for 2003, its MD&A, particularly as discussed under the heading “Business Risks and Uncertainties,” its Annual Information Form, and its Form 40-F.