X0202 4 2006-07-27 0 0000879933 IPSCO INC IPS 0001074373 LEDERER LESLIE T IPSCO INC 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 0 1 0 0 VP-Gen Counsel - Corp Secty Common Shares 2006-07-27 4 A 0 1973 A 4440 D Perfomance Units 0 2006-07-27 2006-07-27 4 A 0 1973 A 2009-06-30 Common shares 1973 4400 D The award of common shares noted is subject to a three-year performance period ending June 30, 2009. A Performance Unit or "PU" is a bookkeeping entry equal to one common share of IPSCO Inc. It is payable on the noted date only upon the satisfaction of the express performance objectives over the 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 PU's. /s/ Leslie Lederer 2006-07-31