Federal Submarine Contract Expected to Create 50K Jobs Within 5 Years

Canada Chooses TKMS Over Hanwha Ocean

A years-long competition to build Canada’s next fleet of submarines has ended with the federal government choosing to sign an agreement with Germany’s ThyssenKrupp Marine Systems (TKMS).

TKMS claimed earlier this year that if it was selected by Ottawa, it’s bid would accomplish the following:

• Create up to 50,000 Canadian jobs within the first 5 years
• Generate more than 650,000 “job-years” of employment over the life of the agreement
• Add $86 billion to Canadian GDP

The decision comes despite a pledge by Hanwha Ocean that it would work with Algoma Steel and create tens of thousands of jobs at the steelmaker.

• SEE ALSO: Federal Government Working to “Bring Back” Laid-Off Algoma Steel Staff

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