Hanwha Ocean and Algoma Steel sign MOU for Canadian steel supply

Hanwha Ocean signed a binding MOU with Algoma Steel Inc. to provide up to USD $250 million to support facility development and procurement of Canadian-made steel for submarine construction and MRO infrastructure.

“Hanwha Ocean will provide USD $200 million (approx. CAD $275 million) to Algoma for the potential development of a structural steel beam mill in Sault Ste. Marie, Ontario.”hanwha.com

• 2 sources
• hanwha.comHanwha and Algoma Steel sign MOU to support Canadian steelJan 27, 2026
• org-www.hanwha.comHanwha and Algoma Steel sign MOU to support Canadian steelJan 27, 2026

Summarized from public sources; check the original articles before acting on it.