IPSCO 2006 Annual Report

	Foreign Currency Translation Adjustment				Accrued Pension Liability Adjustment				Unrealized Gain on Foreign Currency Derivatives				Unrealized Gain (Loss) on Natural Gas Derivatives				Accumulated Other Comprehensive Loss
Balance December 31, 2003		$	1,516			$	(24,114	)		$	90			$	(354	)		$	(22,862	)
Other comprehensive income (loss)		(9,420		)		5,625				(90		)		1,430				(2,455		)
Balance December 31, 2004		(7,904		)		(18,489		)		—				1,076				(25,317		)
Other comprehensive income (loss)		(1,454		)		(15,494		)		—				6,419				(10,529		)
Balance December 31, 2005		(9,358		)		(33,983		)		—				7,495				(35,846		)
Other comprehensive income (loss)		5,717				6,909				—				(10,465		)		2,161
Impact of adopting FAS 158		—				(21,546		)		—				—				(21,546		)
Balance December 31, 2006		$	(3,641	)		$	(48,620	)		$	—			$	(2,970	)		$	(55,231	)

The accrued pension liability adjustment is shown net of income tax benefit (expense) of $8,934, $4,218, and ($2,457) for 2006, 2005, and 2004 respectively. The unrealized gain on foreign currency derivatives is shown net of income tax expense of ($90). The unrealized gain (loss) on natural gas derivatives is shown net of income tax benefit (expense) of $5,978, ($3,876), and ($669) for 2006, 2005 and 2004, respectively.

The net amount of foreign currency gain (loss) related to instruments designated as a hedge of the foreign currency exposure of the Company’s net investment in foreign operations which has been included in the foreign currency translation adjustment was $404, $6,158 and ($2,158) for 2006, 2005 and 2004, respectively.