TKMS secures submarine steel contract for Canada’s patrol submarine program

German marine specialist TKMS received an order for roughly 70 tonnes of non‑magnetic submarine steel from Canadian firm Valbruna ASW. The contract is linked to Canada’s Patrol Submarine project and includes a cooperation agreement to produce the steel locally under German defence‑industry certification.

The deal is intended to give TKMS access to a multi‑billion‑dollar Canadian market; the company has already offered up to twelve submarines together with Germany and Norway. TKMS’s order book has risen to €20.6 billion, with revenue of €1.1 billion and an adjusted operating profit of €60 million for the first half‑year.

Despite the strong order book, TKMS shares remain below their 50‑day average, and analysts assess a roughly 70 % chance of winning the full Canadian contract, setting a target price of €125. The final procurement decision is expected before the NATO summit in July.