-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 U58EroT/y72k0Zf84O/sg5H2Cs4us1QN5tN7NKe9Aa4wsfH6waJdvnhFJLUNFu+C
 HRQPjrDlwc+pwp476QKBYw==

<SEC-DOCUMENT>0001179110-06-017823.txt : 20060901
<SEC-HEADER>0001179110-06-017823.hdr.sgml : 20060901
<ACCEPTANCE-DATETIME>20060901150954
ACCESSION NUMBER:		0001179110-06-017823
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060901
FILED AS OF DATE:		20060901
DATE AS OF CHANGE:		20060901

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:			Sutherland David
		CENTRAL INDEX KEY:			0001349227

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14568
		FILM NUMBER:		061071450

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(630) 810-4763

	MAIL ADDRESS:	
		STREET 1:		SUITE 500
		STREET 2:		650 WARRENVILLE ROAD
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
</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>2006-09-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001349227</rptOwnerCik>
            <rptOwnerName>Sutherland David</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>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>135.67</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>92.14</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>135.67</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2053.20</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Phantom stock units or PSU's are acquired pursuant to a deferred compensation arrangement and convert to the cash value of the Issuer's common shares on a one-for-one basis.  Distribution of the PSU's is deferred until separation from the Issuer.</footnote>
        <footnote id="F2">The noted price of each PSU has been converted from CDN$101.84using the Bank of Canada exchange rate at the date of grant of 1.1053.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>David Sutherland by Leslie Lederer, Attorney-in- Fact</signatureName>
        <signatureDate>2006-09-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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