IPSCO Inc. To List On New York Stock Exchange.REGINA, SASKATCHEWAN--(BUSINESS WIRE)--Dec. 18, 1996-- IPSCO INC. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). ISP.,NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on IPSCF IPSCF Ip Service Control Function .) IPSCO Inc. announced today that it has listed its common shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ). The shares will trade under the symbol "IPS" commencing on or about 31 December 1996. IPSCO has approximately 27 million common shares outstanding which are currently listed on the Toronto, Alberta, and Nasdaq exchanges. On commencement of trading on the NYSE, the common shares will cease trading through the Nasdaq - National Market Service. IPSCO is western Canada's largest steelmaker with steelmaking capacity and head office located in Regina, Saskatchewan. It also has eight pipemaking and three coil processing facilities located in western Canada and the US Midwest. The Company is currently nearing completion of a facility in Montpelier, Iowa that will more than double its current steelmaking capacity. Roger Phillips, President and Chief Executive Officer stated that "A listing on the NYSE will increase our visibility and shareholder base in the US, in keeping with IPSCO's enhanced United States presence as our Iowa steelmaking facility comes on stream." IPSCO's Regina based electric arc steelmaking facilities utilize leading edge technology to produce over a million tons of steel annually. Its electric resistance weld and double submerged arc welding Submerged Arc Welding (SAW) is a common arc welding process. It requires a continuously fed consumable solid or tubular (flux cored) electrode. The molten weld and the arc zone are protected from atmospheric contamination by being “submerged” under a blanket of granular pipe mills allow the company to produce pipe for construction, oil and gas drilling, and, natural gas and water transmission in sizes ranging from two inches to eighty inches in diameter. The Montpelier based electric arc steelmaking facilities will annually produce up to 1.25 million tons of heavy plate up to 120 inches wide and 2 inches thick and coiled material up to 96 inches wide and 3/4 inches thick. The grades produced will be carbon and high strength low alloy steels. IPSCO has been consistently profitable with both 1994 at $57.7 million and 1995 at $81.7 million being record profits years. The Company has assets of $1.3 billion and its long-term debt is 33 percent total capitalization. CONTACT: IPSCO Inc. Alana Taylor, 306/ 924-7475 |
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