IVACO REPORTS VERY STRONG FIRST QUARTER.

MONTREAL, QUEBEC--(BUSINESS WIRE)--MAY 1, 1995--IVACO INC.(ME, TSE: IVA.A) Ivaco Inc. today reported very strong sales and earnings for the first quarter of 1995 which ended March 31.

Sales for the first quarter of 1995 were $407.4 million, up substantially from $308.7 million in 1994.

Earnings from continuing operations were $15,278,000, or $0.40 per share, compared with $4,134,000, or $0.02 per share in the same quarter last year.

Net earnings in the first quarter of 1995 were $14,482,000, or $0.37 per share, compared with $3,113,000, or loss of $0.02 per share in the comparable quarter of 1994.

Per share amounts are calculated after providing for preferred share dividends.

Working capital was $266.5 million at March 31, 1995, compared with $263 million at December 31, 1994.

Paul Ivanier, President and Chief Executive Officer, said the strong first quarter performance is confirming the Company's earlier expectations that 1995 will be a banner year for Ivaco. During the first quarter each operating group showed substantial improvement over the same period last year. In particular, Canron's Structural Steel division reported an operating profit after recording a loss in the same period last year, and Atlantic Steel reported a sharply reduced loss and expects to return to profitability during the second half.

Ivaco produces in excess of two million tons of steel annually and has a greatly diversified range of products that are used throughout North America by industries and users that are well spread over the total spectrum of the economy.

The usage of Ivaco's products is therefore closely linked to the economy as a whole and is not dependent on a specific industry group. Mr. Ivanier said, "Ivaco's plants have substantial backlogs and our mills are fully booked for the second quarter. We expect continued strong second quarter performance and 1995 should be an outstanding year for both sales and earnings for the Company."

Ivaco is a steel producer with annual steelmaking and rolling capacity of more than two million tons located at Ivaco Rolling Mills in Ontario, Atlantic Steel in Georgia and at 49.8%-owned Laclede Steel in Illinois. Its products include steel billets, hot rolled bars and shapes, wire rod, wire, welded wire fabric, nails, fasteners, precision machined components, forgings, wire ropes and cables.

Ivaco also fabricates and erects structural steel. Through 50%- owned IPEX it manufactures plastic pipe and fittings, and through 50%-owned Amercord Inc., manufactures tire cord and tire bead. The Ivaco Group has 51 plants, 33 of which are in Canada and 18 in the United States, and employs approximately 7,600 people.

Shares of Ivaco Inc. are traded on The Toronto Stock Exchange and The Montreal Exchange (IVA). -0-

                              IVACO

                 CONSOLIDATED STATEMENTS OF EARNINGS
           For the Three Months ended March 31 (Unaudited)

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Thousands of dollars except per share amounts
                                                1995      1994 (Note 1)
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Net Sales                                 $  407,437 $ 308,657
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Cost of sales and operating expenses         365,216   281,672
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Operating earnings before:                    42,221    26,985
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Depreciation and amortization                (11,297)  (10,926)
Equity in earnings of affiliated companies     2,228       884
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Earnings from operations before
  interest and other items                    33,152    16,943
Net interest expense                         (10,001)   (9,460)
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Earnings from continuing operations
  before income taxes                         23,151     7,483
Income taxes                                   7,873     3,349
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Earnings from continuing operations           15,278     4,134
Loss from discontinued operations               (796)   (1,021)
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Net earnings                                $ 14,482   $ 3,113
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Earnings per share (Notes 2 & 3)
  Earnings per share from
    continuing operations                     $ 0.40    $ 0.02 Net
  Earnings (loss) per share                   $ 0.37    $(0.02)
_______________________________________________________________

CONTACT: Paul Ivanier

President and Chief Executive Officer

514/288-4545