UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. Initial )*
IPSCO INC.
(Name of Issuer)
COMMON SHARES
(Title of Class of Securities)
462622101
(CUSIP Number)
Check the following box if a fee is being paid with this
statement [ X ]. (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to a ll other provisions of the Act (however, see the
Notes).
<PAGE>
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mackenzie Financial Corporation
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b) X
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Toronto, Ontario, Canada
5. SOLE VOTING POWER
Number of 1,905,100 Shares
Shares
Beneficially
Owned By
Each Reporting
Person
6. SHARED VOTING POWER
Nil
7. SOLE DISPOSITIVE POWER
1,905,100 Shares
8. SHARED DISPOSITIVE POWER
Nil
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,905,100 Shares
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES.*
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
12. TYPE OF REPORTING PERSON *
IA
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a) Name of Issuer
IPSCO INC.
Item 1(b) Address of Issuer's Principal Executive Offices
P.O. Box 1670
Regina, Saskatchewan
S4P 3C7
Item 2(a) Name of Person Filing
Mackenzie Financial Corporation
Item 2(b) Address of Principal Business Office
150 Bloor Street West, Suite M111
Toronto, Ontario M5S 3B5
Item 2(c) Citizenship
Organized in Toronto, Ontario, Canada
Item 2(d) Title of Class of Securities
Common Stock
Item 2(e) CUSIP Number
462622101
Item 3 If this statement is filed pursuant to Rules 13d-1 (b)
or 13d-2 (b), check whether the person filing is a:
(a) [ ] Broker or Dealer
(b) [ ] Bank
(c) [ ] Insurance Company
(d) [ ] Investment Company
(e) [ X ] Investment Adviser
(f) [ ] Employee Benefit Plan, Pension Fund or
Endowment Fund
(g) [ ] Parent Holding Company
(h) [ ] Group
Item 4 Ownership
(a) Amount Beneficially Owned
1,905,100 Shares
(b) Percent of Class
7.0%
(c) Number of shares as to which such person has:
(i) sole power to vote 1,905,100 Shares
(ii) shared power to vote Nil
(iii) sole power to dispose 1,905,100
Shares
(iv) shared power to dispose Nil
Item 5 Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact
that as of the date hereof the reporting person has
ceased to be the beneficial owner of more than five
percent of the class of securities, check the following
[ ].
[ X ] Not applicable
Item 6 Ownership of More than Five Percent on Behalf of
Another Person
Several accounts managed by Mackenzie Financial
Corporation have the right to receive dividends and the
proceeds from the sale of these securities, none of
which own more than 5% of the common stock of Ipsco
Inc., except Ivy Canadian Fund, a Canadian Mutual Fund
Trust.
Item 7 Identification and Classification of the Subsidiary
Which Acquire the Security Being Reported on By the
Parent Holding Company
N/A
Item 8 Identification and Classification of Members of the
Group
N/A
Item 9 Notice of Dissolution of Group
N/A
Item 10 Certification
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have
the effect of changing or influencing the control of
the issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purposes or effect.
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Harold P. Hands August 22, 1996
Executive Vice President, Legal
