Environmental Disclosure

Whereas:

The National Pollutant Release Inventory (NPRI) was established in 1993 to provide Canadians with detailed data on types, location, and amounts of individual substances of concern released on-site and transferred off-site by industrial facilities. These substances are considered toxic to human health and the environment, carcinogenic or probably carcinogenic. IPSCO has undertaken legal action to prevent the NPRI from disclosing releases from IPSCO facilities in Canada. IPSCO participates willingly in a similar US-based emissions data program, the Toxic Release Inventory (TRI).

The Voluntary Challenge and Registry (VCR) program was established by Natural Resources Canada (NRCan) in 1995 as an element of Canada's National Action Program on Climate Change. The purpose of the VCR is to encourage organizations to accept greater accountability for greenhouse gas (GHG) generation through reporting and pollution prevention. More than 700 organizations have joined the initiative, including IPSCO's competitors. IPSCO does not participate in the VCR program and does not otherwise report these data publicly. The federal government has made a commitment to implement sectoral GHG emission reduction agreements with industry by 2004. Mandatory reporting will be part of these agreements.

Climate change represents a significant risk to investors and may already be damaging the financial prospects of many companies both domestically and overseas. The world's largest reinsurance company, MunichRe, cites direct climate-related losses reaching US$300 billion annually by 2050. SwissRe, the world's second largest reinsurer, sees inaction on climate change as a possible liability issue and is considering the potential coverage implications for companies, directors and officers who do not address this risk.

Failure to disclose these data means that shareholders are prevented from accurately and independently evaluating IPSCO's performance in the area of pollution control and environmental performance. Failure to address issues associated with pollution can place share value at risk. Prudent and forward-looking companies report these data publicly and take precautionary and cost effective steps to reduce pollution as part of a no regrets approach to management of environmental issues. Companies taking such steps are in a better position to manage any future government legislation to control emissions. Failure to position the company in an environmentally sound manner may impact IPSCO's reputation and license to operate.

In order to assess the risks to shareholders and to assess IPSCO's capacity to manage the risks associated with emissions, shareholders require facility and company specific emissions-data.

Resolved:

That IPSCO Inc. refrain in future from submitting a request for confidentiality to the National Pollutant Release Inventory; and prepare a report to shareholders (at reasonable cost and omitting proprietary information) by October 2003 disclosing IPSCO's aggregate GHG emissions, giving consideration to GHG reporting protocols as established by the World Business Council for Sustainable Development and the World Resources Institute, company efforts to reduce GHG emissions, and initiatives aimed at improving energy efficiency.