Hanwha Signs Agreements Funding Canadian Steel Mill

On Jan. 26, 2026, South Korean submarine maker Hanwha Oceans said it signed partnership agreements with Canadian firms including Algoma Steel, pledging $275 million to establish a new structural steel beam mill in Canada. The agreements, conditional on winning Ottawa’s procurement to supply up to 12 submarines, also include cooperation deals with Telesat, MDA Space, Cohere and PV Labs to secure domestic supply.