IPSCO TO BE ACQUIRED BY SSAB FOR U.S. $160 PER SHARE FOR A TOTAL EQUITY VALUE OF U.S. $7.7 BILLION

IPSCO TO BE ACQUIRED BY SSAB FOR U.S. $160 PER SHARE  FOR A TOTAL EQUITY VALUE
OF U.S. $7.7 BILLION

Lisle, Illinois, and Stockholm, Sweden, May 3, 2007; IPSCO Inc. (“IPSCO”, NYSE:
IPS; TSX: IPS) and SSAB Svenskt Stal AB (“SSAB”, STO: SSAB.A, SSAB.B) today
announced that they have entered into an agreement providing for IPSCO to be
acquired by SSAB for U.S. $160 per share in cash for a total equity value of
U.S. $7.7 billion. The transaction has been approved by the Boards of Directors
of both companies. The closing of the transaction is not conditional on SSAB
obtaining financing. The transaction will be completed by way of a plan of
arrangement under applicable Canadian law. It will require the approval of 66
2/3% of the votes cast by shareholders of IPSCO at a special meeting to be
called to consider the arrangement and Ontario court approval.  The transaction
will also be subject to certain other customary conditions.
SSAB has received commitments for bank financing of the acquisition. SSAB
intends to pursue a SEK 10 billion rights offering during 2007.
The transaction is expected to be accretive for SSAB and to generate annual post
tax synergies of SEK 600 million, with the major part to be realized in the next
two years.

IPSCO President and Chief Executive Officer, David Sutherland stated, “This
transaction delivers significant value to IPSCO's shareholders.  It also joins
IPSCO with a leading player in the global steel industry and reinforces our
already solid position as a leading supplier of steel plate and energy tubulars
in North America.  SSAB is a highly regarded company with a first-rate work
force that shares many similar values with IPSCO, including a commitment to
quality products, workplace safety, and manufacturing excellence. As part of
this new, larger company, we will have a more diversified product offering that
will enhance our ability to better serve both existing and new customers.”

SSAB President and Chief Executive Officer, Olof Faxander, said, “The
acquisition of IPSCO represents a further step in SSAB's 2010 strategy towards
global leadership in value added steel. Through this transaction, SSAB will
accelerate its growth and acquire a platform for future expansion and market
presence in North America.  The transaction will result in an immediate and
significant accretion to SSAB's earnings and cash flow, bringing significant
strategic and financial benefit to SSAB.”

“We are very excited about this opportunity to combine two of the most
successful and profitable steel companies in the world. IPSCO's state-of-the-art
facilities and their world-class effectiveness in combination with SSAB's
leading technology, unique product and process capabilities and first-class
service model will create value for our customers and our shareholders,” Olof
Faxander continued.
IPSCO's lead financial advisor was Goldman, Sachs & Co., and RBC Capital Markets
was co-advisor.  IPSCO was represented by Davis Polk & Wardwell and Osler Hoskin& Harcourt LLP. 
Greenhill & Co., LLC and Handelsbanken Capital Markets is acting as lead
financial advisors to SSAB.  White & Case LLP is acting as U.S. counsel to SSAB,
Bennett Jones LLP is acting as Canadian counsel to SSAB.


IPSCO is a leading producer of energy tubulars and steel plate in North American
with an annual steel making capacity of 4.3 million tons.  IPSCO operates four
steel mills, eleven pipe mills, and scrap processing centers and product
finishing facilities in 25 geographic locations across the United States and
Canada. The Company's pipe mills produce a wide range of seamless and welded
energy tubular products including oil & gas well casing, tubing, line pipe and
large diameter transmission pipe. Additionally, IPSCO is a provider of premium
connections for oil and gas drilling and production. IPSCO trades as “IPS” on
both the New York and Toronto Stock Exchanges.  
SSAB is a Swedish based publicly traded corporation with a leading European
position in Quenched & Tempered heavy plate and EHS/UHS steel sheet. The Group
comprises four divisions: Division Sheet and Division Heavy Plate are the steel
operations with steel shipments of 3.1 million metric tonnes in 2006, Plannja is
a processing company in building products, and Tibnor is the Group's trading arm
supplying a broad product range of steel and metals. The Group has sales
revenues of almost US$ 4.6 billion. SSAB has 8,800 employees and has operations
or offices in over 40 countries and a worldwide sales presence.
Forward-looking Statements
This press release contains forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and under Canadian securities law.
The words “believe”, “expect”, “will”, “can” and other expressions that are
predictions of or indicate future events, trends or prospects and which do not
relate to historical matters identify forward-looking statements. Although IPSCO
and SSAB believe the anticipated future results, performance or achievements
expressed or implied by the forward-looking statements and information are based
upon reasonable assumptions and expectations, the reader should not place undue
reliance on forward-looking statements and information because they involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the IPSCO or SSAB to differ
materially from anticipated future results, performance or achievements
expressed or implied by such forward-looking statements and information. Factors
that could cause actual results to differ materially from those contemplated or
implied by forward-looking statements include: weather conditions affecting the
oil patch; drilling rig availability; demand for oil and gas; supply, demand and
price for scrap metal and other raw materials; supply, demand and price for
electricity and natural gas; demand and prices for products produced; general
economic conditions; a significant change in the timing of, or the imposition of
any governmental conditions; the extent and timing of our ability to obtain
revenue enhancements and cost savings following the transaction; changes in
financial markets, the actions of courts, government agencies, and other third
parties, SSAB's ability to implement successfully its plans and other factors.
These and other factors with respect to IPSCO are outlined in IPSCO's regulatory
filings with the Securities and Exchange Commission and Canadian securities
regulators, including those in the IPSCO's 2006 Form 10-K, and its MD&A,
particularly as discussed under the heading “Risk Factors”. These
forward-looking statements speak only as of the date of this press release. 
Neither IPSCO nor SSAB undertakes any obligation to publicly update or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.
Important

This press release is for information only and does not constitute an offer to
issue or sell, or the solicitation of an offer to acquire or buy, shares and
rights to subscribe for shares to any person in any jurisdiction.

THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER TO SELL, OR AS A SOLICITATION
OF AN OFFER TO PURCHASE, ANY SECURITIES. THE SECURITIES DESCRIBED HEREIN HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED
OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND APPLICABLE STATE LAWS.  

Additional Information and Where to Find It
This communication is being made in respect of the proposed plan of arrangement
involving SSAB and IPSCO. In connection with the proposed transaction, IPSCO
will file with the United States Securities and Exchange Commission (“SEC”) a
preliminary proxy statement on Schedule 14A regarding the proposed plan of
arrangement. The information contained in this preliminary filing will not be
complete and may be changed. Before making any voting or investment decisions,
investors and security holders are urged to read the definitive proxy statement
when it becomes available and any other relevant documents filed with the SEC
because they will contain important information. The definitive proxy statement
will be sent to the shareholders of IPSCO seeking their approval of the proposed
transaction. In addition you may obtain this document free of charge at the
website maintained by the SEC at www.sec.gov. Also, you may obtain documents
filed with the SEC by IPSCO free of charge by requesting them in writing from
650 Warrenville Road, Suite 500, Lisle, Illinois 6053, or by telephone at (630)
810-4800.

Participants in the Solicitation
IPSCO and its directors and executive officers and other members of management
and employees may be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information regarding IPSCO's directors and
executive officers is available in IPSCO's proxy statement for its 2007 annual
meeting of shareholders, which was filed with the SEC on March 8, 2007.
Information regarding the persons who may, under the rules of the SEC, be
considered participants in the solicitation of IPSCO shareholders in connection
with the proposed transaction will be set forth in the preliminary proxy
statement when it is filed with the SEC.



IPSCO Director of Investor Relations:
Tom Filstrup
Tel. 630 810-4772

SSAB Head of Corporate Communications
Ulrika Ekström
+46 8-45 45 734
+46 703-98 54 52
SSAB Head of Investor Relations
Stefan Lundewall
+46 8-45 45 729
+46 70-508 28 57