en.Wedoany.com Reported - If South Korea's Hanwha Group wins a contract to build 12 submarines for Canada, Algoma Steel will supply metal to a Canadian consortium planning to collaborate with Hanwha on manufacturing combat vehicles. Representatives from Algoma, Hanwha, and several Ontario auto parts manufacturers signed a memorandum of understanding on Monday at the Martinrea International plant near Toronto.

Algoma has joined a consortium recently formed by Hanwha and the Automotive Parts Manufacturers' Association, aimed at developing and manufacturing combat vehicles for the Canadian Armed Forces and their allies. Under a separate agreement, Hanwha has also agreed to invest in Algoma.

All these agreements are contingent on Hanwha beating Germany's ThyssenKrupp Marine Systems (TKMS) for the multibillion-dollar submarine contract, which the federal government is expected to decide in the coming weeks. South Korean special envoy and Chief of Staff to the President Kang Hoon-sik told The Globe and Mail that the submarine contract is "critical" to the development of Canada-South Korea industrial relations.

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