New Delhi, Dec. 2 -- Canadian steel maker Algoma Steel Group is set to slash 1,000 jobs-about 40% of its staff-and close its blast furnace in northern Ontario in a bid to stem losses resulting from US tariffs imposed by President Donald Trump.

According to report by Bloomberg, the Sault Ste. Marie-based company is also considering shutting shop on its coke-making operation amid plans to focus solely on making steel using electric-arc furnaces in early 2026.

The news comes on the back of the Trump administration's decision to impose 50% tariffs on foreign steel, which Algoma said had severely hit its ability to access the market across the border.

Trump's tariffs "have fundamentally altered the competitive landscape and sharply limited ...