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): February 24, 2006

IPSCO INC.

(Exact name of registrant as specified in its charter)

Canada	001-14568	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 8.01 Other Events.

The Board of Directors of IPSCO Inc. today approved a CDN $0.18 per share quarterly cash dividend, payable to shareholders of record as of March 10, 2006. The payment date for the dividend will be March 31, 2006.

Item 9.01 Financial Statements and Exhibits

(c)	Exhibits
(99.1) Press release of IPSCO Inc., issued February 24, 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: February 24, 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 February 24, 2006

EX-99.1

Exhibit 99.1

News Release

IPSCO Announces 12% Increase in Cash Dividend

[Lisle, Illinois] [February 24, 2006] -- IPSCO Inc.’s (NYSE/TSX:IPS) Board of Directors today approved a 12% increase in the quarterly cash dividend on the Company’s common shares from CDN $0.16 to $0.18 per share. The dividend will be payable on March 31, 2006 to shareholders of record at the close of business on March 10, 2006. This increase in dividend reflects the confidence IPSCO’s Board of Directors and management have in the Company’s long-term business and financial outlook.

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.

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

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 Annual Report for 2004, its MD&A, particularly as discussed under the heading “Business Risks and Uncertainties”, its Annual Information Form, and its Form 40-F.

Investor Contact:	Media Contact:
Tom Filstrup	John Comrie, QC
Director, Investor Relations	Director, Trade Policy and Communications
Tel. 630-810-4772	Tel. 630-810-4730
tfilstrup@ipsco.com	jcomrie@ipsco.com

Release #06-04

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