Algoma Steel and Hanwha Ocean Partner for Canadian Submarine Project, Securing C$345M Funding
ByAinvest
Monday, Jan 26, 2026 10:12 pm ET1min read
ASTL--
Algoma Steel has signed a memorandum of understanding with Hanwha Ocean for a Canadian submarine project. The deal provides Algoma Steel with up to C$345M ($250M) for the construction of a new structural steel beam for the submarines. This partnership will allow Algoma Steel to secure a significant contract and generate substantial revenue for the company.
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