8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  July 12, 2007
IPSCO Inc.
(Exact Name of Registrant as Specified in Charter)
Canada	001-14568	98-0077354
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
650 Warrenville Road, Suite 500, Lisle, Illinois		60532
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code:  (630) 810-4800
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On July 12, 2007, IPSCO Inc. (“IPSCO”) issued a press release (the “Press Release”) announcing the pricing terms of its cash tender offer for any and all of its outstanding 8 3/4% Senior Notes due 2013.

The foregoing is qualified by reference to the Press Release, which is attached as Exhibit 99.1 to this Report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of IPSCO, dated July 12, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		IPSCO INC.
Date:	July 12, 2007	By:	/s/ Leslie T. Lederer
			Name:	Leslie T. Lederer
			Title:	Vice President, General Counsel & Corporate Secretary

EX-99.1

EXHIBIT 99.1
 

News Release

IPSCO INC. ANNOUNCES PRICING OF TENDER OFFER AND

CONSENT SOLICITATION

*Financial Information in U.S. Dollars*

[Lisle, Illinois] [July 12, 2007] – IPSCO Inc. (NYSE/TSX:IPS) today announced the pricing terms of the previously announced cash tender offer and consent solicitation relating to its outstanding 8¾% Senior Notes due 2013 (the “Notes”). The tender offer and consent solicitation for the Notes is being made pursuant to IPSCO Inc.’s Offer to Purchase and Consent Solicitation Statement dated June 18, 2007 (the “Offer to Purchase”) and the related Letter of Transmittal and Consent.

Upon the terms and subject to the conditions of the tender offer, IPSCO Inc. will pay holders who validly tendered and did not withdraw their Notes on or prior to 5:00 p.m., New York City time on June 29, 2007 (the “Consent Date”), total consideration of $1,068.59 for each $1,000 principal amount of Notes accepted for purchase, plus accrued and unpaid interest up to, but not including, the settlement date. The total consideration includes a consent payment equal to $15 per $1,000 principal amount of the Notes tendered. Holders whose Notes are validly tendered and not withdrawn after the Consent Date and on or prior to 5:00 p.m., New York City time on July 17, 2007 (the “Expiration Date”), will be eligible to receive the tender offer consideration, namely the total consideration minus the consent payment or $1,053.59 per $1,000 of Notes accepted for purchase, plus accrued and unpaid interest up to, but not including, the settlement date. The settlement is expected to occur on July 18, 2007, assuming no extension of the Expiration Date.

As described in more detail in the Offer to Purchase, the total consideration and the tender offer consideration for the Notes was determined based on a fixed spread of 50 basis points over the bid price yield of 5.029% on the 4.875% U.S. Treasury Note due May 2008 at 2:00 p.m., New York City time on July 12, 2007.

IPSCO Inc.’s tender offer for the Notes is subject to the satisfaction or waiver of various conditions as described in the Offer to Purchase, including that all closing conditions to SSAB Svenskt Stål AB’s acquisition of IPSCO Inc. (except those which pursuant to their terms are to be fulfilled on the closing date of the acquisition) have been satisfied or waived on or prior to the Expiration Date. The tender offer is scheduled to expire at 5:00 p.m., New York City time, July 17, 2007, subject to IPSCO Inc.’s right to amend, extend or terminate the tender offer at any time.

J.P. Morgan Securities Inc. is the Dealer Manager and Solicitation Agent for the tender offer and consent solicitation and may be contacted at 212-834-4802 (collect calls accepted) or toll free at 866-834-4666. Requests for documents may be directed to Global Bondholder

Services Corporation, the Information Agent and Depositary for the tender offer and consent solicitation, at 212-430-3774 (collect calls accepted) or toll free at 866-470-4300.

About IPSCO Inc.

Founded in 1956, IPSCO is a corporation incorporated under the laws of Canada and a leading producer of energy tubulars and steel plate in North America with a current 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. IPSCO’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.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The offer to buy the Notes is only being made pursuant to the tender offer documents, including the Offer to Purchase and the related Letter of Transmittal and Consent that IPSCO has distributed to holders of Notes. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

IPSCO Company Contact:

Tom Filstrup, Director of Investor Relations

Tel. 630-810-4772

tfilstrup@ipsco.com

IPS Ref#07-18

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