X0202 4 2007-05-14 0 0000879933 IPSCO INC IPS 0001349232 Zaozirny John B IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 1 0 0 0 Common Stock 2007-05-14 4 M 0 1000 A 4360 D Performance Units 2007-05-14 4 M 0 1000 D Common Shares 1000 1800 D Each Performance Unit or "PU" represented a contingent right of the reporting person to receive one common share of the Isssuer upon the satisfaction of express performance objectives over an expressed performance period ending April 29, 2007. 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. John B. Zaozirny By leslie Lederer, Attorney-in-Fact 2007-05-15