HK416 will not lose a single sale to this thing. SIG 516 may see some threat because SIG has been going after places like Mexico and Egypt where HK will not sell to.
It is a also Steyr design and Rhinemetall is probably needed for making it in Germany.
Steyr as an assault rifle maker is pretty much done. If they have not figured out, no one wants "AUG" these days so shoving the AUG QD barrel system onto an AR body will not make sales. It is an answer to a question that no one asks for, and they have to make a lot of ergonomic compromises to make it. I would rather run a SIG 516 than this thing.
If Steyr can make this cheaper than HK433, the HK would have offered HK416. They will lose it on just the bid price unless Rhinemetall can leverage its industry base to make an AR type gun cheaper than HK or they just don't care about making a good ROI, which is completely possible.