Canada submarine deal: German vs Korean bids
Germany’s TKMS and South Korea’s Hanwha race to win Canada’s $20‑24 bn submarine contract.
Canadian Defence Minister Stephen Fuhr has set a March 2026 deadline for rival bids to replace the navy’s four‑numbered Victoria‑class submarines. Germany’s ThyssenKrupp Marine Systems (TKMS) has struck an agreement with Vancouver’s Seaspan Shipyard to build a maintenance facility for the 12 Type‑212CD boats, while also courting Canadian shipbuilding licences. The South Korean group Hanwha Ocean has inked a memorandum with Algoma Steel in Sault Ste. Marie, pledging $275 million to build a high‑strength alloy steel mill that could supply both submarines and maintenance plants. Ottawa will weigh job creation—TKMS claims up‑to‑24 bn program will keep 60‑70 % of work domestic, while Hanwha promises 200,000 jobs by 2040.
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