South Korea’s Hanwha Gives Algoma Steel Hope After Major 2026 Job Cuts
What’s Happening at Algoma Steel?
Algoma Steel announced a new deal with Hanwha, a South Korean defence firm, to supply military-grade steel for the manufacturing of land defence vehicles in Canada.
“We are the only steel producer in [the country] that can make ballistic-grade steel for defence applications,” John Naccarato, Algoma’s vice-president of strategy and chief legal officer, said in an interview with CBC News.
“It’s a great opportunity to be part of a consortium that will respond to Canada’s national priorities around defence spending.”
The agreement, contingent on whether Hanwha wins a government contract to supply Canada with 12 submarines, could result in tens of thousands jobs.
Canadian officials claimed at recent arms expo in Ottawa that the winner of the submarine contract could be announced in June 2026.
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Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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