Q: Would LIC be directly affected by the steel tariffs?
5i Research Answer:
This chart outlines shipments from IOC (LIF has a royalty on IOC) to the US. There is exposure here. But, LIF has the ability to ship elsewhere, and if prices rise due to tariffs we think lots of tons will be re-directed. So far, LIF investors have taken the political moves in stride, and the stock is up 5% YTD depsite everything.