Investing.com — shares gained 4.9% Tuesday following the announcement of a joint venture with Roshel Inc. to establish a Canadian Centre of Excellence for Ballistic Steel Production.
The partnership, named Roshel Algoma Defence Solutions Inc., will deliver sovereign ballistic steel defence solutions with full-cycle capabilities including metal fabrication, forming, welding, and machining in Canada. The joint venture aims to support Canadian defence procurements, including Light Utility Vehicles, the Domestic Arctic Mobility Enhancement program, ships, submarines, and broader defence needs.
The collaboration comes during a period of increased defence investment by the Government of Canada and aligns with the new Defence Industrial Strategy’s emphasis on strengthening sovereign industrial capabilities and Buy Canadian policies. The venture will also support ballistic steel use across infrastructure, marine, aerospace, and security platforms while creating export opportunities to allied countries.
Algoma Steel CEO Rajat Marwah said the partnership puts the company’s production capabilities, workforce, and Sault Ste. Marie facilities directly in service of Canada’s national security. Roshel CEO Roman Shimonov noted that Canada’s Light Utility Vehicle procurement, expected to deliver thousands of vehicles for the Canadian Armed Forces, represents a cornerstone opportunity for the partnership to deliver a fully domestic solution using Canadian ballistic steel produced in Ontario.
The joint venture is positioned to support over 500 workers, including new manufacturing jobs, and aims to strengthen Canada’s skilled industrial workforce while reinforcing domestic supply chains, including those supporting automotive manufacturing such as Ford Motor Company and F-Series production in Oakville.
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