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South Korean defence firm Hanwha says it has reached a deal with Algoma Steel to supply military-grade steel for the possible manufacturing of land defence vehicles in Canada.
South Korean firm is competing with Germany’s TKMS to supply 12 submarines to navy
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South Korean defence firm Hanwha says it has reached a deal with Algoma Steel to supply military-grade steel for the possible manufacturing of land defence vehicles in Canada.
Hanwha said in April it had reached a separate agreement with Canada’s Automotive Parts Manufacturers’ Association on a prospective joint venture to make military land vehicles for the Canadian Armed Forces and for export to allies.
These agreements, which would support industries hit hard by U.S. tariffs, are contingent on Hanwha winning Canada’s contract to supply the navy with a fleet of up to 12 submarines.
The South Korean submarine maker is competing with Germany’s TKMS for the massive multi-billion dollar contract. Hanwha made the steel announcement at a Martinrea International facility in Vaughan, Ont., alongside a delegation of South Korean government officials.
Canadian officials said at an arms expo in Ottawa last week that the federal government is expected to announce the winner of the sub contract this month.
