SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Britten David

(Last)

(First)

(Middle)

C/O IPSCO INC.

650 WARRENVILLE ROAD, SUITE 500

(Street)

LISLE

60532

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/03/2006

3. Issuer Name and Ticker or Trading Symbol
IPSCO INC [ IPS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	V.P. Corporate Development

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Shares	20,080	D
Common Shares	2,764	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Performance Units	08/08/2005	⁽¹⁾	Common Stock Equivalents	3,680	$0	D
Stock Options (right to buy)	01/12/2013	10/12/2013	Common Shares	18,000	$9.17⁽²⁾	D
Stock Options (right to buy)	03/07/2024	12/07/2024	Common Shares	8,000	$13.77⁽³⁾	D

Explanation of Responses:

1. A performance unit or PU is a bookkeeping entry equal to one common share of the Issuer. It is payable on the noted date only upon the satisfaction of express performance objectives over an 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.

2. Stock options are granted in Canadian dollars. The noted exercise price has been converted from Cdn$13.95, using the Bank of Canada exchange rate at the date of grant of 1.5207.

3. Stock options are granted in Canadian dollars. The noted exercise price has been converted from Cdn$21.70, using the Bank of Canada exchange rate at the date of grant of 1.5760.

	David Britten By Leslie Lederer, Attorney-in-Fact	01/09/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.