CTV: In its bid to win the massive contract to build Canada’s next generation of submarines, South Korea’s Hanwha Ocean is entering into a long-term strategic arrangement with Algoma Steel, which could result in some parts of the submarines being manufactured in Ontario.
The two companies have entered into a binding Memorandum of Understanding (MOU) valued at approximately $345 million, which would see the Korean defence company invest $275 million towards the construction of a new structural steel beam mill in Sault Ste. Marie, Ont…