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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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31 Articles
31 Articles
Algoma Steel commits 3 per cent of sales from proposed beam mill to Korean sub builder
It's one part of a $345-million deal that's conditional on Hanwha Ocean winning a multi-billion-dollar contract to provide as many as a dozen submarines to the Royal Canadian Navy
·Sault Ste. Marie, Canada
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Algoma Steel signs binding agreement to diversify its economy
·Montreal, Canada
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Total News Sources31
Leaning Left14Leaning Right4Center6Last UpdatedBias Distribution58% Left
Bias Distribution
- 58% of the sources lean Left
58% Left
L 58%
C 25%
R 17%
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