S. Korea loses out on Canada's multibillion-dollar submarine deal

South Korea has failed to win Canada's multibillion-dollar submarine program, with Germany's Thyssenkrupp Marine Systems (TKMS) selected as the preferred bidder.

Canadian Prime Minister Mark Carney announced TKMS' selection ahead of his departure for the North Atlantic Treaty Organization leaders' summit in Turkey on Monday (local time), dealing a setback to the South Korean consortium led by Hanwha Ocean Co. and HD Hyundai Heavy Industries Co.

The project involves the construction of up to 12 d ...