Algoma Steel and Hanwha Ocean Sign $345M Memorandum of Understanding for New Steel Beam Mill and Submarine Deal

Algoma Steel in Sault Ste. Marie, Ontario, has signed a MOU with Hanwha Ocean for a $345 million commitment to build a steel beam mill and hire hundreds of employees. The deal is tied to Hanwha Ocean's bid to build 12 submarines for Canada's defence efforts. The agreement includes annual payments to Hanwha Ocean for ten years if and when the beam facility opens. The deal is seen as a strategic move by Hanwha Ocean to secure the submarine contract and provide economic relief to the Algoma region.