CONSENT OF INDEPENDENT AUDITORS

We consent to the use of our report dated January 28, 2003, with respect to the
consolidated financial statements of IPSCO Inc. incorporated by reference in its
Annual Report (Form 40-F) for the year ended December 31, 2002, filed with the
Securities and Exchange Commission.

/s/ Ernst & Young LLP
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Chicago, Illinois
March 27, 2003