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.”
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Hanwha also expanded cooperation in secure satellite communications through MOUs between Hanwha Systems and Telesat, as well as with MDA Space, focusing on sovereign Low Earth Orbit capabilities for defence and maritime operations. Dan Goldberg, President and CEO of Telesat, said: “This collaboration brings together complementary resources and expertise to deliver next-generation, sovereign LEO communications capabilities for Canada, South Korea, and our allied partners.”
Further MOUs were signed between Hanwha Ocean, Hanwha Systems and Cohere to explore AI-based submarine systems and smart shipyards, as well as between Hanwha Systems and PV Labs to develop advanced electro-optical and infrared capabilities. Sung-chul Eoh, President of Hanwha Ocean’s Naval Ship Division, said: “This partnership is a declaration of Hanwha’s commitment to becoming deeply integrated into Canada’s technology ecosystem,” while Son Jae-il, CEO of Hanwha Systems, added: “By expanding partnerships with trusted global leaders, Hanwha Systems will continue to strengthen its position in the global market and advance its role as a key defense and space technology provider.”
