Korean shipbuilder bidding for submarine contract agrees to $345M deal with Algoma Steel [BNN Bloomberg (Canada)]
Algoma Steel Group Inc. (ASTL)
Company Research
Source: BNN Bloomberg
The agreement is contingent on South Korean businesses winning the contract to build a new fleet of submarines for the Canadian military. Officials from Korea ar e headed to Canada this week in support of their bid, which is valued at more than $12 billion. It is competing with businesses from Germany. Monday, Algoma Steel and Ko rea's Hanwha Ocean announced they had entered into a binding MOU related to the “future submarine program with Canadian steelmaking capability and Canadian workers, supporting long-term naval readiness and industrial sovereignty.” Structural steel beam mill If the deal moves ahead, Algoma will receive $275 million from Hanwha to develop a structural steel beam mill in Sault, as well as promises to purchase products from Algoma for the submarine production, bringing the value of the deal to $345 million. The steel Hanwha would purchase from Algoma would be “for use in connection with its Canadian Patrol Submarine Project-related commitments, includi
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ASTL
News
- Hanwha plans to dock submarine off B.C. Coast in move to win lucrative federal contract [BNN Bloomberg (Canada)]BNN Bloomberg
- Should Algoma Steel's Potential US$250 Million Submarine Beam Mill Deal Require Action From Algoma Steel Group (ASTL) Investors? [Yahoo! Finance]Yahoo! Finance
- TKMS signs agreement with Seaspan on submarine sustainment [BNN Bloomberg (Canada)]BNN Bloomberg
- TKMS signs agreement with Seaspan on submarine sustainment [Yahoo! Finance Canada]Yahoo! Finance Canada
- LIVE UPDATES: ‘Relations are good' with the U.S., Carney says [BNN Bloomberg (Canada)]BNN Bloomberg
ASTL
Earnings
- 10/29/25 - Miss
ASTL
Sec Filings
- 1/27/26 - Form 6-K
- 1/9/26 - Form 6-K
- 12/2/25 - Form 6-K
- ASTL's page on the SEC website