-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QQD0RZ/mMnKBOtra0Wqn2ki+DsTPHv0dkIbW1V86d9W0rMLg3FFL+HmJqMFVc5+o
 CCh8zxrf/MO+1YBxoXqeWg==

<SEC-DOCUMENT>0001179110-06-016095.txt : 20060803
<SEC-HEADER>0001179110-06-016095.hdr.sgml : 20060803
<ACCEPTANCE-DATETIME>20060803170504
ACCESSION NUMBER:		0001179110-06-016095
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060801
FILED AS OF DATE:		20060803
DATE AS OF CHANGE:		20060803

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPSCO INC
		CENTRAL INDEX KEY:			0000879933
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1670 REGINA
		CITY:			SASKATCHEWAN S4P 3C7
		STATE:			A9
		BUSINESS PHONE:		2123733000

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1670 REGINA
		CITY:			SASKATCHEWAN
		STATE:			A9
		ZIP:			S4P3C7

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HINSHAW JUANITA H
		CENTRAL INDEX KEY:			0001187134

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14568
		FILM NUMBER:		061002800

	BUSINESS ADDRESS:	
		STREET 1:		C/O INSTITUFORM TECHNOLOGIES INC
		STREET 2:		702 SPIRIT 40 PARK DRIVE
		CITY:			CHESTERFIELD
		STATE:			MO
		ZIP:			63005
		BUSINESS PHONE:		6365308000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-08-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000879933</issuerCik>
        <issuerName>IPSCO INC</issuerName>
        <issuerTradingSymbol>IPS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001187134</rptOwnerCik>
            <rptOwnerName>HINSHAW JUANITA H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>IPSCO INC.</rptOwnerStreet1>
            <rptOwnerStreet2>650 WARRENVILLE ROAD, SUITE 500</rptOwnerStreet2>
            <rptOwnerCity>LISLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60532</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-08-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>600</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-08-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>600</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each Performance Unit or &quot;PU&quot; represented a contingent right of the reporting person to receive one common share of the Issuer upon the satisfaction of express performance objectives over an expressed performance period ending June 30, 2006.  PU's, at the election of the reporting person, may be settled in the form of common shares or a combination of cash and common shares.  There is no express expiration date for performance units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Juanita H. Hinshaw by Leslie Lederer, Attorney-in-Fact</signatureName>
        <signatureDate>2006-08-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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