William HamiltonSouth Korea’s Hanwha Ocean has signed a memorandum of understanding with Algoma Steel to invest $275-million in a Sault Ste. Marie foundry and another $70-million in fabricated steel — *if* Hanwha Ocean gets the contract to build submarines for the Royal Canadian Navy.
Korean shipbuilder bidding for submarine contract agrees to $345M deal with Algoma Steel
A major shipbuilder from South Korea has signed a memorandum of understanding with Algoma Steel, which would see the Sault Ste. Marie steelmaker receive up to $345 million to develop a structural steel beam mill.