IPSCO to acquire NS Group

September 11, 2006

IPSCO Inc. and NS Group, Inc. jointly announced today that they have entered into a definitive agreement pursuant to which IPSCO will acquire NS Group, a manufacturer of seamless and welded oilfield tubular goods.

Under the terms of the agreement, approved by both companies' boards of directors, IPSCO will acquire all of the outstanding shares of NS Group for $66.00 per share in cash, for an aggregate price of approximately $1.46 billion, including NS Group's net cash.

The transaction, which is expected to close by year-end 2006, is subject to approval of NS Group's shareholders and other customary closing conditions, including regulatory approvals.

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