Overview
- Hanwha Ocean and affiliates signed MOUs with Algoma Steel, Telesat, MDA Space, Cohere and PV Labs during a Toronto forum to anchor Canadian jobs, supply chains and through‑life support tied to the submarine program.
- A binding Algoma agreement outlines a conditional package worth up to US$250 million, including support for a new beam mill in Sault Ste. Marie and planned steel purchases for construction and MRO infrastructure if Hanwha wins.
- South Korea’s Cabinet approved a military intelligence‑sharing pact with Canada, creating a framework for closer defense procurement and industrial security cooperation.
- HD Hyundai detailed a multibillion‑won proposal covering shipbuilding know‑how transfer, Canadian maintenance capacity, research ties and long‑term oil import deals to bolster the industrial offering.
- The Hanwha–HD Hyundai consortium remains in a two‑way contest with Germany’s TKMS for up to 8–12 conventionally powered submarines, with South Korean officials signaling a decision could come soon.