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Market Chatter: Hanwha Pledges Canadian Steel, Auto Tie-Ups in Submarine Contract Bid

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-- South Korea's Hanwha Group would partner with Canadian auto parts makers to produce armored vehicles if it secures a major submarine contract in Canada, Bloomberg News reported Thursday.

Hanwha Ocean (KRX:042660) is expected to play a central role in the project. The shipbuilder is competing with Germany's Thyssenkrupp Marine Systems for a deal to build up to 12 submarines worth billions of dollars, with Canada urging bidders to include broader industrial benefits, the report said.

Hanwha reportedly said it would use Canadian-made steel and aluminum, offering support to two sectors hit by US tariffs that have curtailed exports.

A final decision on the deal is expected by the end of June, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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