Algoma Steel Group Inc. & Hanwha Ocean Co., Ltd. signed a binding $250 million USD memorandum of understanding on January 26, 2026. The agreement includes $200 million cash contribution for structural steel beam mill development in Sault Ste. Marie, Ontario. Additional $50 million covers anticipated Algoma product purchases for Canadian Patrol Submarine Project commitments. The strategic partnership supports Canada's defense industrial base while creating long-term employment opportunities.