Imagine building with LEGOs, but instead of LEGOs, it's oil pipelines and drilling equipment. These things need lots of steel and aluminum. Recently, the US decided to make imported steel and aluminum more expensive, like adding extra cost to each LEGO brick. This affects companies that make oil drilling equipment.
- Higher prices for steel will make oil drilling equipment more expensive.
- Companies that make this equipment might have to charge more for their services.
- The price of steel is expected to go up by 15% in 2025.
| Item | Number |
|---|---|
| Expected increase in steel prices (2025) | 15% |
| Percent of OCTG (special pipes) imported by the US | 40% |
| Increase in US steel imports (January) | 32% |
