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Korean shipbuilder bidding for submarine contract agrees to $345M deal with Algoma Steel
Hanwha Ocean pledges CAD $345 million to Algoma Steel for a new beam mill and steel purchases, supporting Canada’s submarine fleet and creating up to 15,000 Canadian jobs.
- On Jan. 26, 2026, Algoma Steel signed a binding MOU with Hanwha Ocean pledging up to $345 million for a beam mill in Sault Ste. Marie and purchases tied to the Canadian Patrol Submarine Project.
- The MOU is structured to support the Canadian Patrol Submarine Project and long-term naval readiness, demonstrating Canada’s Buy Canadian policy, but both commitments are conditional on Hanwha Ocean winning Ottawa’s contract to supply up to 12 submarines.
- During a South Korean delegation visit, Hanwha signed co-operation agreements with Telesat, MDA Space, Cohere, and PV Labs, with funding conditional on Hanwha winning the CPSP contract.
- The project could create local jobs, with officials noting Algoma Steel workers potentially rehired and Industry Minister Mélanie Joly pledging federal support if the project materializes.
- Algoma’s decarbonization push, including the Volta brand, aims to cut emissions by 70%, while rival bidder TKMS also secures Canadian partnerships, highlighting competitive stakes.
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17 Articles
South Korean submarine maker signs MOU with Algoma Steel
In its bid to win the massive contract to build Canada’s next generation of submarines, South Korea’s Hanwha Ocean is entering into a long-term strategic arrangement with Algoma Steel, which could result in some parts of the submarines being manufactured in Ontario.
·Toronto, Canada
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Algoma Steel signs binding agreement to diversify its economy
·Montreal, Canada
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Korean shipbuilder bidding for submarine contract agrees to $345M deal with Algoma Steel
A major shipbuilder from South Korea has signed a memorandum of understanding with Algoma Steel, which would see the Sault Ste. Marie steelmaker receive up to $345 million to develop a structural steel beam mill.
·Canada
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Winnipeg Free Press+6 Reposted by 6 other sources
South Korean sub maker Hanwha signs agreement with Algoma Steel
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Total News Sources17
Leaning Left9Leaning Right3Center5Last UpdatedBias Distribution53% Left
Bias Distribution
- 53% of the sources lean Left
53% Left
L 53%
C 29%
R 18%
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