# Hanwha Ocean signs MOU with Algoma Steel for Canadian submarine project

Hanwha Ocean signed a memorandum of understanding with Algoma Steel to supply materials for armored vehicles and submarines under the Canadian Patrol Submarine Project. Hanwha commits up to CAD 345 million for facility development and steel procurement, CAD 275 million for a steel beam mill in Sault St. Marie, and CAD 70 million for Algoma products.

- Type: Partnership
- Announced: 2026-06-03
- Where: Sault St. Marie, Ontario, Canada
- Value: $500.0M (690.0M CAD)
- Status: announced
- Products: steel for submarines, steel for armored vehicles
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md), [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

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

## Sources

- [thedefensepost.com](https://thedefensepost.com/2026/06/03/hanwha-ocean-algoma-steel/), 2026-06-03: "Hanwha Ocean has teamed with Ontario-based Algoma Steel to supply materials for armored vehicles and submarines that it has pitched for the Canadian Patrol Submarine Project (CPSP)."

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