Algoma Steel to supply metals for Hanwha combat vehicles if South Korean firm wins Canadian submarine contract
By
Eric Atkins
Properly proved. Has structure, has flavour, has a point.
Summary
Algoma Steel has signed a memorandum of understanding to supply metals for combat vehicles to a Canadian consortium partnering with South Korea's Hanwha Group, contingent on Hanwha winning a multibillion-dollar contract to build 12 submarines for Canada over Germany's TKMS. The agreement was signed at a Martinrea International factory near Toronto, with Algoma joining Hanwha and the Auto Parts Manufacturers' Association in a plan to jointly develop and manufacture fighting vehicles for the Canadian Armed Forces and allies.
Key quotes
· 3 pulledAlgoma Steel ASTL-T will supply metals to the Canadian consortium that plans to build combat vehicles in partnership with Hanwha Group
Representatives of Algoma, Hanwha and several Ontario-based autoparts makers signed the memorandum of understanding on Monday at a Martinrea International factory near Toronto
Agreement is contingent on Hanwha beating Germany's TKMS for a multibillion-dollar submarine deal
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