17:42:53 EDT Tue 02 Jun 2026
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 70,486,341
Close 2026-06-01 C$ 11.47
Market Cap C$ 808,478,331
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Globe says Algoma Steel, Martinrea get cozy with Korea

2026-06-02 08:43 ET - In the News

See In the News (C-ASTL) Algoma Steel Group Inc

The Globe and Mail reports in its Tuesday edition that Algoma Steel will supply metals to the Canadian consortium that plans to build combat vehicles in partnership with Hanwha Group, should the South Korean conglomerate win the contract to build 12 submarines for Canada. The Globe's Eric Atkins writes that representatives of Algoma, Hanwha and several car-parts players signed the memorandum of understanding on Monday at a Martinrea factory near Toronto. Algoma joins Hanwha and the Automotive Parts Manufacturers' Association, which agreed recently to jointly develop and manufacture fighting vehicles for the Canadian Armed Forces and allies. Separately, Hanwha has also agreed to invest in Algoma. All the agreements are contingent on Hanwha beating Germany's TKMS for the multibillion-dollar submarine deal when the federal government makes its decision in the coming weeks. In a speech at the Martinrea factory, Kang Hoon-sik, Korean special envoy and presidential chief of staff, said the country plans to increase its investment in a Canadian liquefied natural gas project to $3.2-billion, and boost imports of Canada's petroleum products. Mr. Kang said Korea needs to diversify its energy supplies beyond the Middle East.

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