IPSCO INC 4

4 · IPSCO INC · Filed Jul 31, 2006

Form 4

Period: 2006-07-27

VP Chief HR Officer

Transactions

Award
Common Shares
[F1]
2006-07-27+1,920→ 14,693 total
Tax Payment
Restricted Shares
[F2]
2006-07-27$84.91/sh−1,179$100,109→ 13,514 total
Disposition to Issuer
Restriced Shares
[F3][F2]
2006-07-27$84.91/sh−2,821$239,531→ 16,335 total
Award
Common shares
[F4][F2]
2006-07-27$84.91/sh+2,821$239,531→ 13,514 total
Award
Performance Units
[F6][F5]
2006-07-27+1,920→ 4,320 total
Exercise: $0.00From: 2009-06-30→ Common Shares (1,920 underlying)

Footnotes (6)

[F1]The award of common shares noted is subject to a three-year performance period ending June 30, 2009.
[F2]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.
[F3]The noted restricted shares have been converted to common shares as a result of the completion of the performance period attached to such shares.
[F4]The common shares noted refer to the conversion of the restricted shares in Footnote 2 to common shares of IPSCO Inc.
[F5]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.
[F6]Price is calculated with reference to the closing of IPSCO Inc. stock on the TSX on July 26 and converted to US dollars using the Bank of Canada's exchange rate on such date of ______________.

Signature

Raymond Rarey by Leslie Lederer, Attorney-in- Fact|2006-07-31

Documents

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