# 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.

- Type: Contract
- Announced: 2026-01-26
- Where: Sault Ste. Marie, Canada
- Value: $345.0M
- Status: announced
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

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

## Sources

- [ctvnews.ca](https://www.ctvnews.ca/northern-ontario/video/2026/01/26/algoma-steel-signs-345m-deal-tied-to-korean-firm-winning-canada-submarine-contract/), 2026-01-27: "Algoma Steel inks $345 million deal with Hanwha Ocean predicated on the Korean firm winning a Canadian submarine contract."

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