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The art of the deal: How submarine bidders are using Canadian partners to win a lucrative contract

Hanwha Ocean and TKMS are signing partnership promises across the country. The IJF took a look at the strategy guiding their decisions

Carly Penrose
Carly Penrose

3 Jun 2026 • 6 min read

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Executives from Hanwha Canada, the Automotive Parts Manufacturers' Association and Algoma Steel sign memoranda on June 1.
Hanwha Ocean has agreed to enter into a joint venture with the Automotive Parts Manufacturers' Association to build armoured vehicles in Canada using Algoma Steel, if it's the successful bidder in an up-to $100 billion contract with the Canadian Navy. (Flavio Volpe via Linkedin)

Carly Penrose
Carly Penrose

Carly is a Toronto-based journalist. She holds a master of journalism from Toronto Metropolitan University. Her work has appeared in the National Post, This Magazine and The Canadian Press.

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