LISLE, Ill., July 18 /PRNewswire-FirstCall/ -- IPSCO Inc. (NYSE/TSX: IPS) announced today that SSAB Canada Inc., a subsidiary of SSAB Svenskt Stal AB, completed its acquisition of all of the outstanding shares of IPSCO for U.S. $160 per share. In connection with the completion of the acquisition, IPSCO's shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
IPSCO is a leading producer of energy tubulars and steel plate in North America with an annual steel making capacity of 4.3 million tons. IPSCO operates four steel mills, eleven pipe mills, and scrap processing centers and product finishing facilities in 25 geographic locations across the United States and Canada. The Company's pipe mills produce a wide range of seamless and welded energy tubular products including oil & gas well casing, tubing, line pipe and large diameter transmission pipe. Additionally, IPSCO is a provider of premium connections for oil and gas drilling and production. IPSCO trades as "IPS" on both the New York and Toronto Stock Exchanges.
SSAB is a Swedish based publicly traded corporation with a leading European position in Quenched & Tempered heavy plate and EHS/UHS steel sheet. The Group comprises four divisions: Division Sheet and Division Heavy Plate are the steel operations with steel shipments of 3.1 million metric tonnes in 2006, Plannja is a processing company in building products, and Tibnor is the Group's trading arm supplying a broad product range of steel and metals. The Group has sales revenues of almost U.S. $4.6 billion. SSAB has 8,800 employees and has operations or offices in over 40 countries and a worldwide sales presence.
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