South Korea’s Hanwha Ocean signed a binding $250 million (CAD 345 million) strategic MOU with Canada’s Algoma Steel to fund a new structural steel beam mill and secure a long-term steel supply for Canada’s Patrol Submarine Project (CPSP). The investment includes a $200 million cash contribution and performance-based incentives, supporting Algoma’s diversification into high-value structural sections while strengthening North American defense supply chains. The partnership will create skilled jobs and help modernize Algoma’s operations as it transitions to EAF-based low-carbon steel production. Executives from both companies stated the deal aligns with Canadian industrial policy and boosts regional self-sufficiency in critical steel products.