UNITED STATES
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): May 4, 2006

IPSCO INC.

(Exact name of registrant as specified in its charter)

Canada	0-19661	98-0077354
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

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 (se 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 May 4, 2006 the Corporation issued a news release announcing that its Board of Directors had authorized a share repurchase program, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange, of up to 10% of the public float of its common shares, or approximately 4.7 million shares. A copy of the news release is attached as Exhibit 99.1.

The information in the Current Report, including the exhibit attached hereto, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in the Current Report shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of IPSCO Inc. issued May 4, 2006.

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: May 4, 2006	By:	/s/ Leslie T. Lederer
		Vice President, General Counsel &
		Corporate Secretary

INDEX TO EXHIBITS

Exhibit No.		Description

99.1		News Release of IPSCO Inc., issued May 4, 2006.

Exhibit 99.1

News Release

IPSCO ANNOUNCES APPROVAL OF SHARE
REPURCHASE PROGRAM

[Lisle, Illinois] [May 4, 2006] — IPSCO Inc.’s (NYSE/TSX:IPS) Board of Directors has authorized a share repurchase program, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange, of up to 10% of the public float of its common shares, or approximately 4.7 million shares. As of April 24, 2006, the Company had 48,076,018 shares outstanding. Any purchases under the bid will be made during the period from May 9, 2006 to May 8, 2007, and will be made at the prevailing market price at the time of purchase and subject to regulatory considerations. Common shares purchased under this bid will be cancelled.

During the 12-month period of IPSCO’s previous normal course issuer bid ending March 15, 2006, the Company purchased an aggregate of 2,754,100 common shares at an average price of U.S. $48.23 per share, with the last purchase occurring on December 15, 2005.

“The repurchase program will allow IPSCO to opportunistically repurchase shares when appropriate as part of the Company’s overall strategic objectives, without reducing the liquidity of our shares,” said David Sutherland, IPSCO’s President and Chief Executive Officer.

IPSCO, traded as “IPS” on both the New York Stock Exchange and Toronto Stock Exchange, operates steel mills at three locations and pipe mills at six locations in the United States and Canada. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons. The Company’s tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structurals. Steel can also be further processed at IPSCO’s five temper leveling and coil processing facilities.

This news release contains forward-looking information with respect to IPSCO’s operations and beliefs. Actual results may differ from these forward-looking statements due to numerous factors, including, but not limited to: 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 by the Company; general economic conditions; and changes in financial markets. These and other factors are outlined in IPSCO’s regulatory filings with the Securities and Exchange Commission and Canadian securities regulators, including those in IPSCO’s 2005 Form 10-K, and its MD&A, particularly as discussed under the heading “Business Risks and Uncertainties”.

Company Contact:
Tom Filstrup, Director of Investor Relations
Tel. 630.810.4772
tfilstrup@ipsco.com
Release #06-12

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