Hanwha signed MOUs with Algoma Steel, Telesat, MDA Space, Cohere and PV Labs, establishing a cross-sector cooperation framework spanning steel production, space, satellite communications, artificial intelligence and advanced sensor technologies. According to a recent KPMG analysis, Hanwha-led industrial cooperation related to the CPSP could support approximately 200,000 job-years over a 15-year period, with potential for further growth as additional partnerships and investments are implemented.
As part of the initiative, Hanwha Ocean and Algoma Steel signed a binding MOU to establish a long-term strategic arrangement supporting Canada’s steel sector and domestic submarine construction. Under the agreement, Hanwha Ocean is expected to provide Algoma with an aggregate potential value of up to USD 250 million to support a new structural steel beam mill and anticipated steel purchases for submarine construction and lifecycle support in Nova Scotia and British Columbia.
Hee Cheul Kim, President and CEO of Hanwha Ocean, said: “This partnership is about working side-by-side with Algoma as a leading Canadian steelmaker to build something lasting. By anchoring steel production, infrastructure, and long-term sustainment in Canada, we are committed to strengthening Canada’s industrial resilience and supporting a submarine capability that Canadians can rely on today and for generations.” Rajat Marwah, CEO of Algoma Steel, stated: “As we usher in a new era for Algoma with electric arc furnace steelmaking and modernized finishing capabilities, this strategic arrangement with Hanwha Ocean represents a foundational step forward in our diversification strategy.”
