Ipsco Saskatchewan F-4/A Registration of securities (foreign) (amended)

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,															Nine Months Ended September 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		$	11,644		$	6,525
Amortization of capitalized interest		1,259			1,889			1,777			1,355			2,065			1,572			1,980
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	)		(12,947	)		(21,812	)
Subtotal		92,727			88,858			50,006			24,171			16,495			269			(13,307	)
Fixed Charges
Interest expensed and capitalized		20,881			22,529			28,055			27,790			24,814			18,661			21,427
Interest within rental expense		276			387			3,509			11,436			12,407			9,532			8,667
Preference security dividend requirements of consolidated subsidiaries
Subordinated notes		—			196			7,202			8,500			8,500			6,375			6,375
Preferred shares		986			7,746			8,312			8,894			8,763			6,572			15,437
Total fixed charges		22,143			30,858			47,078			56,620			54,484			41,140			51,906
Earnings, as adjusted	$	114,870		$	119,716		$	97,084		$	80,791		$	70,979		$	41,409		$	38,599
Ratio of earnings to fixed charges		5.19			3.88			2.06			1.43			1.30			1.01			(1)
U.S. GAAP
Earnings
Pretax income from continuing operations	$	83,238		$	89,233		$	32,556		$	(6,416	)	$	19,179		$	3,864		$	2,174
Amortization of capitalized interest		1,331			1,959			1,788			799			1,509			1,155			1,563
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	)		(6,572	)		(15,437	)
Subtotal		83,888			80,839			11,369			(19,869	)		11,925			(1,553	)		(11,700	)
Fixed Charges
Interest expensed and capitalized		20,881			22,725			38,107			45,807			43,597			32,742			34,982
Interest within rental expense		276			387			659			1,919			2,124			1,826			1,487
Preference security dividend requirements of consolidated subsidiaries
Preferred shares		986			7,746			8,312			8,894			8,763			6,572			15,437
Total fixed charges		22,143			30,858			47,078			56,620			54,484			41,140			51,906
Earnings, as adjusted	$	106,031		$	111,697		$	58,447		$	36,751		$	66,409		$	39,587		$	40,206
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 $13.3 million for the nine months ended September 30, 2003.

(2) Under U.S. GAAP, earnings were insufficient to cover fixed charges by $19.9 million, $1.6 million and $11.7 million for the year ended December 31, 2001 and for the nine months ended September 30, 2002 and September 30, 2003, respectively.

IPSCO Inc.

Pro-Forma Computation of Ratio of Earnings to Fixed Charges

(thousands of United States dollars except ratio information)

	Fiscal Year Ended December 31, 2002			Nine Months Ended September 30, 2003
Canadian GAAP
Earnings
Pretax income from continuing operations	$	31,693		$	6,525
Amortization of capitalized interest		2,065			1,980
Interest capitalized		—			—
Preference security dividend requirements of consolidated subsidiaries		(17,263	)		(21,812	)
Net pro-forma interest adjustment		(13,582	)		(6,534	)
Subtotal		2,913			(19,841	)
Fixed Charges
Interest expensed and capitalized		24,814			21,427
Interest within rental expense		12,407			8,667
Preference security dividend requirements of consolidated subsidiaries
Subordinated notes		8,500			6,375
Preferred shares		8,763			15,437
Net pro-forma interest adjustment		13,582			6,534
Total fixed charges		68,066			58,440
Earnings, as adjusted	$	70,979		$	38,599
Ratio of earnings to fixed charges		1.04			(3)
U.S. GAAP
Earnings
Pretax income from continuing operations	$	19,179		$	2,174
Amortization of capitalized interest		1,509			1,563
Interest capitalized		—			—
Preference security dividend requirements of consolidated subsidiaries		(8,763	)		(15,437	)
Net pro-forma interest adjustment		(13,582	)		(6,534	)
Subtotal		(1,657	)		(18,234	)
Fixed Charges
Interest expensed and capitalized		43,597			34,982
Interest within rental expense		2,124			1,487
Preference security dividend requirements of consolidated subsidiaries
Preferred shares		8,763			15,437
Net pro-forma interest adjustment		13,582			6,534
Total fixed charges		68,066			58,440
Earnings, as adjusted	$	66,409		$	40,206
Ratio of earnings to fixed charges		(4)			(4)

(3) Under Canadian GAAP, earnings were insufficient to cover fixed charges by $19.8 million for the nine months ended September 30, 2003.

(4) Under U.S. GAAP, earnings were insufficient to cover fixed charges by $1.7 million for the year ended December 31, 2002 and $18.2 million for the nine months ended September 30, 2003.