X0202 4 2006-07-27 0 0000879933 IPSCO INC IPS 0001349247 Tulloch John IPSCO INC 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 0 1 0 0 Exec VP - Chief Commerical Ofc Common Shares 2006-07-27 2006-07-27 4 A 0 4800 A 31840 D Restricted Shares 2006-07-27 2006-07-27 4 F 0 2493 84.91 D 29347 D Restriced Shares 2006-07-27 2006-07-27 4 D 0 6307 84.91 A 23040 D Common shares 2006-07-27 2006-07-27 4 A 0 6307 84.91 A 29347 D Performance Units 0 2006-07-27 2006-07-27 4 A 0 4800 A 2009-06-30 Common Shares 2560 10800 D The award of common shares noted is subject to a three-year performance period ending June 30, 2009. Price is calculated with reference to the closing price of IPSCO Inc stock on the TSX on July 21, 2006 and converted to US dollars using the Bank of Canada's exchange rate on such date of 1.1384. The noted restricted shares have been converted to common shares as a result of the completion of the performance period attached to such shares. The common shares noted refer to the conversion of the restricted shares in Footnote 2 to common shares of IPSCO Inc. 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 performance units. Price is calculated with reference to the closing of IPSCO Inc. stock on the TSX and converted to US dollars using the Bank of Canada's exchange rate on such date. John Tulloch by Leslie Lederer, Attorney-in- Fact 2006-07-31