South Korean submarine maker Hanwha Oceans says it has signed a series of partnership agreements with Canadian companies, including Sault Ste. Marie’s tariff-battered Algoma Steel.
Hanwha says it signed a memorandum of understanding with Algoma that pledges $275 million in financial support to stand up a new structural steel beam mill in Canada.
The pact also declares Hanwha’s intention to purchase steel products for both the construction of Canada’s new submarine fleet and the maintenance infrastructure to support it.
Both commitments come on the condition that Hanwha wins Ottawa’s massive, multi-billion-dollar procurement contract to supply the Royal Canadian Navy with up to 12 modern submarines….