-- 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.
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