8-K

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):           October 16, 2006

IPSCO INC.

(Exact name of registrant as specified in its charter)

Canada	001-14568	98-0077354
(State or other Jurisdiction	(Commission File	(IRS Employer
of Incorporation)	Number)	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))

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS — this report, the exhibit attached hereto and the related comments by IPSCO Inc.’s (“IPSCO” or the Company”) management noted herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, management’s good faith expectations and beliefs, which are subject to inherent uncertainties which are difficult to predict, and may be beyond the ability of the Company to control.  Forward-looking statements are made based upon management’s expectations and belief concerning future developments and their potential effect upon the Company.  There can be no assurances that future developments will be in accordance with management’s expectations or that the effects of future developments on the Company will be those anticipated by management.

The words, “believes”, “expects”, “intends”, “plans”, “anticipates”, “hopes”, “likely”, “projects” and similar expressions identify such forward-looking statements.  Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s view only as of the date of this Form 8-K.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances.  For additional information about risks and uncertainties that could adversely affect the Company’s forward-looking statements, please refer to the Company’s filings with the Securities and Exchange Commission, including its Form 40-F.

Item 7.01 Regulation FD Disclosure.

On October 16, 2006, IPSCO Inc. (the “Registrant”) issued a press release announcing its plans to take certain outages at its mill facilities in order to adjust inventory levels, and further  updating its previously issued guidance for the third quarter.  The press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

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 October 16, 2006.

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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: October 16, 2006
	By:	/s/ Leslie T. Lederer
		Vice President, General Counsel &
		Corporate Secretary

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INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press release of IPSCO Inc. issued October 16, 2006.

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EX-99.1

Exhibit 99.1

News Release                                                                                                                                                        ;       

IPSCO RESPONDS TO DISTRIBUTION CHANNEL
INVENTORY ADJUSTMENTS

[Lisle, Illinois] [October 16, 2006] — IPSCO Inc. (NYSE/TSX:IPS) announced today that as a result of service centers and distributors recently taking action to reduce inventories which have built up throughout the year, IPSCO will adjust its plate and pipe production and steel purchases, rather than attempt to push additional tonnage in to the distribution sector.  Despite these adjustments, the Company expects fourth quarter shipments to remain relatively flat compared to the third quarter.

IPSCO has been operating most of its facilities near capacity during this extended robust market.  This scale back in production will allow IPSCO to better realign its’ own inventory and accelerate planned maintenance programs.   Where appropriate these reductions will be accomplished by the use of statutory holidays and vacations.  IPSCO’s mini mill configuration provides the Company flexibility to rapidly adjust production levels to meet market demands.

IPSCO expects to report third quarter earnings above the high end of previously issued guidance for the quarter of $3.30 to $3.50. Further information will be provided by the Company October 24, 2006 during its’ quarterly earnings release and conference call.

IPSCO operates steel mills at three locations and pipe mills at six locations in Canada and the United States. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons and provides further processing at its five cut-to-length lines located in both the United States and Canada. 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.

For further information on IPSCO, please visit the Company’s web site at www.ipsco.com.

Note: This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believes”, “expect”, “will”, “can” and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although IPSCO Inc. believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: 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”. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Company Contact:

Tom Filstrup, Director of Investor Relations

Tel. 630-810-4772

tfilstrup@ipsco.com

Release # 06-XX

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