Korean conglomerate Hanwha announced a flurry of Canadian partnerships to sweeten its bid for our $60B submarine contract, one of many equipment initiatives sitting downstream of higher defense spend targets.

While Algoma Steel’s MOU was the most explicit in its conditionality (no submarine deal, no $345M in support)…

… it’s likely implied that turning the MOUs with MDA Space and Telesat into real business is contingent on a winning bid. With MDA facing competition from SpaceX and TSAT’s legacy business eroding…

… Hanwha is applying leverage in the right places, but their success isn’t a sure thing - with Germany’s ThyssenKrupp also deep in the process.

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