# 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.

- Type: Contract
- Announced: 2026-01-27
- Where: Sault Ste. Marie, Ontario, Canada
- Value: $250.0M
- Status: announced
- Products: steel plate, steel sheet, structural steel beams
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Hanwha Ocean](https://endata.com/companies/3338.md)
- [Hanwha Ocean](https://endata.com/companies/3338.md) (partner)
- [Algoma Steel Inc.](https://endata.com/companies/15428.md) (partner)
- [Algoma Steel Inc.](https://endata.com/companies/15428.md) (supplier)

## Sources

- [hanwha.com](https://www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-and-algoma-steel-sign-mou-to-support-canadian-steel-and-jobs.do), 2026-01-27: "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."
- [org-www.hanwha.com](https://org-www.hanwha.com/newsroom/news/press-releases/hanwha-ocean-and-algoma-steel-sign-mou-to-support-canadian-steel-and-jobs.do), 2026-01-27: "This partnership is about working side by side with Algoma as a leading Canadian steelmaker to build something lasting."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.