IPSCO Inc. announced record net income in 2005 of $585.8 million, compared to $454.9 million in 2004. The increased earnings are primarily attributable to higher average selling prices, increased margins across most product lines, and a stronger product mix due to record sales of energy tubular products.
IPSCO's sales increased 20% in 2005 to $3.03 billion compared to $2.53 billion in 2004. Record energy tubular shipments and strong large diameter pipe shipments totaled 903,000 tons, an increase of 5% over the prior year, and were offset by a 4% decline in steel mill products and an 18% decline in industrial products shipments. About 32%, or 1.1 million tons, of IPSCO's total shipments in 2005 were tubular products.