Information Regarding IPSCO's Half Year Result

Information Regarding IPSCO's Half Year Result

SSAB's acquisition of IPSCO Inc. on July 18, 2007 means that IPSCO Inc. will be
consolidated in the SSAB Group from that date. IPSCO Inc's requirement to issue
a  report on the second quarter 2007 also ceased by this date.

Since Division IPSCO will constitute a substantial part of the consolidated
results and assets of SSAB, a summary of IPSCO's financial information with
respect to the first half year 2007 is hereby issued. The summary is made in
accordance with the format used by IPSCO Inc. before the acquisition. The
financial information is given in USD, in accordance with US GAAP, and has not
been reviewed neither by SSAB's nor IPSCO Inc's auditors. References to tons in
this summary relate to American “short tons”, which equals approximately 907
kilogram.

Comments by John Tulloch, Head of Division IPSCO
IPSCO reports a net income of USD 124.1 million for the second quarter of 2007
compared to USD 156.4 million for the second quarter of 2006 and USD 109.4
million in the first quarter of 2007.

Sales for the quarter were USD 1.06 billion, an increase of 18.2% or USD 162.9
million over the same quarter last year and 2.4% or USD 24.8 million over the
prior quarter. Total shipments for the quarter were 1,075,000 tons, an increase
of 74,000 tons compared to last year and virtually unchanged from the prior
quarter.

Steel mill product shipments of 678,000 tons decreased 3.5% from the second
quarter of last year but increased 4.4% over the prior quarter. Tubular
shipments of 397,000 tons increased 32.8% over the prior year primarily due to
the addition of the tubular volumes from the during 2006 acquired company NSG
and a substantial increase in shipments of large diameter pipes. IPSCO's
composite second quarter price of USD 983 per ton was up USD 90 per ton from a
year ago and up USD 22 per ton over the prior quarter.

Gross income for the quarter was USD 242.2 million down from USD 261.6 million
in the second quarter of last year. The decline in gross income from second
quarter last year is due to higher scrap and steel mill production costs,
expenses related to a Montpelier reheat furnace maintenance outage, and higher
tubular production costs. Selling, general and administrative expenses increased
USD 33.5 million primarily due to the amortization of intangibles (USD 14.4
million), higher share based payment expense due to stock price change (USD 6.6
million) and (USD 6.3 million) with respect to transaction costs in connection
with the sale of IPSCO.

The second quarter 2007 effective tax rate of 34.0% was lower than the 37.6% in
the second quarter of 2006 and higher than the 33.5% in the first quarter this
year. 
Capital expenditures were USD 57.7 million for the second quarter, up USD 2.4
million from the USD 55.3 million spent in the first quarter.
Cash provided by operating activities was USD 34.4 million in the second quarter
and the cash balance at the end of the quarter was USD 209.2 million. 

Comments by the President and CEO
 - IPSCO's results for the first half of this year is in line with our
expectations, says Olof Faxander, President and CEO of SSAB. Especially, I would
like to highlight the increases in sales and the total amount of shipments
compared to the same period last year. I am looking forward to working together
with the IPSCO division in our new SSAB. IPSCO has modern and effective
production facilities and world-class productivity.

A telephone conference with John Tulloch, Head of Division IPSCO, will take
place at 10 a.m. Phone no: +46 8 672 8151.

IPSCO is a leading low cost producer of energy tubulars and steel plate in North
America with an annual liquid steelmaking capacity of 4.3 million tons. IPSCO
operates four steel mills, eleven pipe mills, nine product finishing facilities
and nine scrap processing centers in 25 geographic locations across the United
States and Canada. IPSCO's pipe mills produce a wide range of seamless and
welded energy tubular products including oil & gas well casing and tubing, line
pipe, drill pipe, large diameter transmission pipe, standard pipe and hollow
structurals. IPSCO also manufactures premium connections for oil and natural gas
drilling and production under its ULTRA™ brand name. For more information, log
on to www.ipsco.com.