Ipsco Ontario F-4 Registration of securities (foreign)

Exhibit 12.1

IPSCO Inc.

Computation of Ratio of Earnings to Fixed Charges

(thousands of United States dollars except ratio information)

	Fiscal year ended December 31,															Six Months Ended June 30,
	1998			1999			2000			2001			2002			2002			2003
Canadian GAAP
Earnings
Pretax income from continuing operations	$	97,295		$	97,565		$	80,798		$	60,733		$	31,693		$	5,543		$	3,129
Amortization of capitalized interest		1,259			1,889			1,777			1,355			2,065			787			964
Interest capitalized		(4,841	)		(2,654	)		(17,055	)		(20,523	)		—			—			—
Preference security dividend requirements of consolidated subsidiaries		(986	)		(7,942	)		(15,514	)		(17,394	)		(17,263	)		(8,622	)		(8,989	)
Subtotal		92,727			88,858			50,006			24,171			16,495			(2,292	)		(4,896	)
Fixed Charges
Interest expensed and capitalized		20,881			22,529			28,055			27,790			24,814			12,826			12,172
Interest within rental expense		276			387			3,509			11,436			12,407			6,362			5,794
Preference security dividend requirements of consolidated subsidiaries
Subordinated notes		—			196			7,202			8,500			8,500			4,250			4,250
Preferred shares		986			7,746			8,312			8,894			8,763			4,372			4,739
Total fixed charges		22,143			30,858			47,078			56,620			54,484			27,810			26,955
Earnings, as adjusted	$	114,870		$	119,716		$	97,084		$	80,791		$	70,979		$	25,518		$	22,059
Ratio of earnings to fixed charges		5.19			3.88			2.06			1.43			1.30			(1)			(1)
U.S. GAAP
Earnings
Pretax income from continuing operations	$	83,238		$	89,233		$	32,556		$	(6,416	)	$	19,179		$	(154	)	$	377
Amortization of capitalized interest		1,331			1,959			1,788			799			1,509			648			825
Interest capitalized		305			(2,607	)		(14,663	)		(5,358	)		—			—			—
Preference security dividend requirements of consolidated subsidiaries		(986	)		(7,746	)		(8,312	)		(8,894	)		(8,763	)		(4,372	)		(4,739	)
Subtotal		83,888			80,839			11,369			(19,869	)		11,925			(3,878	)		(3,537	)
Fixed Charges
Interest expensed and capitalized		20,881			22,725			38,107			45,807			43,597			22,211			21,214
Interest within rental expense		276			387			659			1,919			2,124			1,227			1,002
Preference security dividend requirements of consolidated subsidiaries
Preferred shares		986			7,746			8,312			8,894			8,763			4,372			4,739
Total fixed charges		22,143			30,858			47,078			56,620			54,484			27,810			26,955
Earnings, as adjusted	$	106,031		$	111,697		$	58,447		$	36,751		$	66,409		$	23,932		$	23,418
Ratio of earnings to fixed charges		4.79			3.62			1.24			(2)			1.22			(2)			(2)

(1) Under Canadian GAAP, earnings were insufficient to cover fixed charges by $2.3 million and $4.9 million for the six months ended June 30, 2002 and June 30, 2003, respectively.

(2) Under U.S. GAAP, earnings were insufficient to cover fixed charges by $19.9 million, $3.9 million and $3.5 million for the year ended December 31, 2001 and for the six months ended June 30, 2002 and June 30, 2003, respectively.