Algoma Steel secures $345M from South Korean shipbuilder

Algoma Steel has entered a memorandum of understanding with South Korean shipbuilder Hanwha Ocean, potentially allowing the construction of a new structural steel beam mill in Sault Ste. Marie, Ontario, with an investment of up to $345 million. This agreement is contingent on South Korean firms securing a contract for a new submarine fleet, supporting the Canadian Patrol Submarine Project. The deal aligns with Canada’s Buy Canadian policy, ensuring domestic supply chain involvement. If the mill is established, it could rehire up to 500 steelworkers affected by layoffs.

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