Algoma Steel and Hanwha Ocean Sign $250 Million Strategic Partnership

Reuters01:30

<a href="https://laohu8.com/S/ASTL">Algoma Steel</a> and Hanwha <a href="https://laohu8.com/S/1B6.SI">Ocean</a> Sign $250 Million Strategic Partnership

Algoma Steel Group Inc. and Hanwha Ocean have entered into a binding Memorandum of Understanding (MOU) to form a long-term strategic partnership in support of the Canadian Patrol Submarine Project. Under the agreement, Hanwha Ocean will provide up to USD $250 million (approximately CAD $345 million) to Algoma, including a cash contribution of USD $200 million towards the development of a structural steel beam mill in Sault Ste. Marie, Ontario, and anticipated purchases of Algoma steel products valued at up to USD $50 million. The partnership aims to strengthen Canadian steelmaking capabilities, support domestic defense procurement, and contribute to the development and sustainment of Canada’s future submarine fleet.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Algoma Steel Group Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 9642487) on January 26, 2026, and is solely responsible for the information contained therein.

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