Algoma Steel signs $345M deal with Hanwha Ocean for submarine contract

Algoma Steel signed a $345 million deal with Hanwha Ocean, predicated on the Korean firm winning a Canadian submarine contract. The deal includes $275 million for a new beam mill in Sault Ste. Marie and product purchase pledges.

“Algoma Steel inks $345 million deal with Hanwha Ocean predicated on the Korean firm winning a Canadian submarine contract.”ctvnews.ca

• 1 source
• ctvnews.caAlgoma Steel signs $345M deal tied to Korean firm winning Canada submarine contract – CTVNewsJan 27, 2026

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