Exhibit 99.5

IPSCO INC.

Reconciliations from Canadian GAAP to U.S. GAAP for Selected Balance Sheet Financial Data

(in thousands of U.S. dollars)

	As at December 31,															As at September 30,
	1998			1999			2000			2001			2002			2002			2003
Working Capital
Canadian GAAP	$	328,445		$	282,525		$	265,353		$	231,199		$	304,812		$	256,180		$	379,973
Adjustments relating to subordinated notes		—			(198	)		(4,250	)		(4,250	)		(4,250	)		(2,125	)		(2,125	)
Adjustments relating to sale-leaseback		—			—			621			(1,417	)		(51	)		(945	)		(6,795	)
Adjustments relating to natural gas contract		—			—			—			(1,892	)		(78	)		(544	)		(217	)
US GAAP	$	328,445		$	282,327		$	261,724		$	223,640		$	300,433		$	252,566		$	370,836
Total Assets
Canadian GAAP	$	1,262,791		$	1,472,959		$	1,619,908		$	1,724,165		$	1,744,312		$	1,712,803		$	1,882,983
Adjustments relating to the capitalization of interest		1,793			1,746			282			(13,902	)		(13,902	)		(13,902	)		(13,902	)
Adjustments relating to commissioning costs		(40,887	)		(49,920	)		(75,965	)		(112,233	)		(112,233	)		(112,233	)		(112,233	)
Adjustments relating to amortization of capital assets		(2,058	)		(709	)		880			(5,690	)		(8,619	)		(6,273	)		(4,815	)
Adjustments relating to sale-leaseback		—			—			148,250			142,269			136,432			137,890			132,053
Adjustments relating to minimum pension liability		9,521			5,433			—			—			(3,911	)		(1,877	)		(3,320	)
Adjustments relating to future income taxes		—			(11,721	)		29,312			23,941			53,444			(35,556	)		(8,219	)
US GAAP	$	1,231,160		$	1,417,788		$	1,722,667		$	1,758,550		$	1,795,523		$	1,680,852		$	1,872,547
Total Debt
Canadian GAAP	$	287,634		$	327,701		$	364,922		$	442,909		$	377,588		$	342,023		$	432,416
Adjustments relating to subordinated notes		—			10,000			100,000			100,000			100,000			100,000			100,000
Adjustments relating to sale-leaseback		—			—			150,000			143,595			141,361			141,361			131,387
US GAAP	$	287,634		$	337,701		$	614,922		$	686,504		$	618,949		$	583,384		$	663,803
Common Shares
Canadian GAAP	$	254,506		$	255,657		$	255,772		$	256,163		$	351,311		$	348,775		$	351,569
Adjustments relating to change in reporting currency		40,733			40,733			40,733			40,733			40,733			40,733			40,733
US GAAP	$	295,239		$	296,390		$	296,505		$	296,896		$	392,044		$	389,508		$	392,302