South Korean Sub Maker Hanwha Signs Agreement With Algoma Steel

National Defence Minister David McGuinty, South Korea Prime Minister Kim Min-seok, Prime Minister Mark Carney and Hanwha Group Vice-Chairman Kim Dong Kwan speak among themselves after touring a submarine at the Hanwha Ocean Shipyard in Geoje Island, South Korea, on Oct. 30, 2025. The Canadian Press/Adrian Wyld

South Korean submarine maker Hanwha Oceans says it has signed a series of partnership agreements with Canadian companies, including Sault Ste. Marie’s tariff-battered Algoma Steel.

Hanwha says it signed a memorandum of understanding with Algoma that pledges $275 million in financial support to stand up a new structural steel beam mill in Canada.