IPSCO Tubulars Inc. Commences Initial Public Offering

HOUSTON–(BUSINESS WIRE)–IPSCO Tubulars Inc. (“IPSCO”) today announced that it has commenced an
initial public offering of 23,255,813 shares of its common stock, of
which 7,441,860 shares are to be sold by IPSCO and 15,813,953 shares are
to be sold by PAO TMK, the selling stockholder and parent of IPSCO, at
an anticipated initial offering price between $20.00 and $23.00 per
share pursuant to a registration statement on Form S-1 filed previously
with the U.S. Securities and Exchange Commission (the “SEC”). IPSCO
expects to grant the underwriters a 30-day option to purchase up to an
additional 3,488,372 shares of IPSCO’s common stock. IPSCO’s common
stock has been approved for listing on the New York Stock Exchange,
subject to official notice of issuance, and will trade under the ticker
symbol “IPSC.”

IPSCO intends to use the net proceeds it will receive from the offering
to repay a portion of the outstanding indebtedness under its revolving
credit facility and to retain the remainder of the net proceeds for
general corporate purposes.

BofA Merrill Lynch and Morgan Stanley & Co. LLC are acting as joint
book-running managers for the proposed offering. J.P. Morgan, UBS
Investment Bank, Citigroup, Credit Suisse, Barclays and Evercore ISI are
also acting as joint book-runners for the offering. The proposed
offering is being made only by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933. When
available, a copy of the preliminary prospectus may be obtained from the
SEC’s website or from either of the following:

• BofA Merrill Lynch, Attention: Prospectus Department, 200 North
  College Street, 3rd Floor, Charlotte, NC 28255-0001
• Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
  Street, 2nd Floor, New York, NY 10014

A registration statement relating to these securities has been filed
with the SEC but has not yet become effective. These securities may not
be sold, nor may offers to buy be accepted, prior to the time that the
registration statement becomes effective. This release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Statements that do not relate to
historical matters identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict, and
there can be no assurance that actual outcomes and results will not
differ materially from those expected by our management. These
forward-looking statements involve certain risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant, IPSCO’s shares of common stock may not begin
trading on the New York Stock Exchange as expected and the offering may
not close as expected. Accordingly, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. For more information concerning factors that could cause actual
results to differ materially from those conveyed in the forward-looking
statements, please refer to the “Risk Factors” section of the prospectus
included in the registration statement on Form S-1, in the form last
filed with the SEC. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise, unless
required by law.

About IPSCO Tubulars Inc.

IPSCO Tubulars Inc. is a producer and supplier of seamless and welded
oil country tubular goods and other pipe products, with headquarters in
Houston, Texas, and manufacturing facilities located in Texas,
Pennsylvania, Ohio, Kentucky, Arkansas, Oklahoma, Iowa, Nebraska and
Alberta, Canada.

Contacts

Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel / Alyssa Cass /
Leigh Parrish, 212-355-4449
or
IPSCO Tubulars Inc.
Michelle
Loomis, 832-678-5099