ArcelorMittal sees European steel market picking up
Steelmaker reports higher margins and less import pressure after new EU trade measures.
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ArcelorMittal recorded higher operating profit in the third quarter of 2026. The group attributes the improvement partly to European measures intended to limit cheap steel imports, but still reported an underlying loss.
Earnings before interest, taxes, depreciation and exceptional items came to $2.0 billion, 34 per cent more than a year earlier. Earnings per tonne of steel amounted to $155, an annual increase of $44. The figures come from ArcelorMittal’s quarterly report covering the three months to 30 September.
According to ArcelorMittal, deliveries of flat steel in Europe increased compared with the second quarter. The company says this is notable because deliveries are normally seasonally weaker during this period. ArcelorMittal links the development to the new European tariff quotas: imports above a set volume are subject to a 50 per cent levy.
The company says the measures are reducing import penetration and supporting the utilisation of European plants. It also reports that all its European blast furnaces are operational again. These are company claims; the quarterly report contains no independent analysis of the effect of the EU measures on the European market as a whole.
At the same time, the picture is not wholly positive. ArcelorMittal reported a net loss of $0.4 billion for the third quarter, partly due to exceptional items and an impairment related to the mothballed plant in Kryvyi Rih, Ukraine. The group also cites higher energy prices as a temporary setback.
For steel users, protecting European producers could lead to more stable supplies, but also to higher prices. This affects the construction, car and engineering industries, among others. The key question is therefore not only whether ArcelorMittal is earning more, but whether European industry is becoming more competitive without the bill falling mainly on steel-processing companies and their customers.
Also show where in Europe and in the world
Both sides of the figures
▲ Bright spots
- ArcelorMittal reported $2.0 billion in EBITDA in the third quarter, 34 per cent more than a year earlier.
- The company says European deliveries and plant utilisation are improving.
▼ Concerns
- The group still reported a net loss of $0.4 billion.
- Higher energy prices remain a cost risk, according to ArcelorMittal.
Critical note
EBITDA is a company measure, not net profit or cash flow for shareholders. ArcelorMittal partly attributes the improvement to the European measures. The group’s higher EBITDA does not in itself demonstrate a broad improvement in the European steel market.
Who notices what
- Businesses
- Steel producers may benefit from less import pressure, while steel processors may face higher purchasing costs.
- Workers
- Higher capacity utilisation could support jobs at European steel companies, but the figures provide no guarantee of employment.
- Households
- Higher steel prices could indirectly feed through into the prices of cars, homes and appliances.
- Investors
- Higher EBITDA is positive, but the net loss and energy prices remain important risks.
Every point comes from the article’s sources and was included in the fact check.
One story, several perspectives
What is established
- The EU limits steel imports with quotas and a levy on imports above the quotas.
- ArcelorMittal reports higher EBITDA and lower import penetration in Europe.
- The group reports higher energy prices and a net loss in the third quarter.
Left
Arguments Protection may be needed to preserve European jobs, strategic production and the decarbonisation of the steel industry.
Values Public direction, employment and industrial independence.
Consequences Without protection, production and investment could disappear; higher steel prices are an acceptable price if workers and climate policy benefit.
Centre
Arguments Trade protection may help temporarily, but should be accompanied by clear evaluation, competition and investment in energy efficiency.
Values A balance between industrial resilience, affordability and European rules.
Consequences A targeted measure can stabilise the market, but prolonged protection can cause inefficiency and higher costs in other sectors.
Right
Arguments The EU must prevent strategic industry from being displaced by subsidised or cheap imports, but companies must also remain competitive themselves.
Values Economic security, market forces, and national and European interests.
Consequences Less dependence on imports could make the economy more resilient; excessive levies could harm construction, the car industry and consumers.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The financial figures and description of the EU measures were checked against the company report and an independent Reuters account. Claims about wider market effects have been attributed as company estimates.
- confirmed EBITDA was $2.0 billion in the third quarter, 34 per cent more than a year earlier. — Mentioned in ArcelorMittal’s quarterly report. source
- confirmed The net loss was $0.4 billion. — ArcelorMittal describes this loss as including exceptional items and impairments. source
- confirmed A 50 per cent levy applies above the EU tariff quotas. — Confirmed in Reuters’ account of the quarterly results. source
Editor's note
The financial figures come from ArcelorMittal’s quarterly report. The effect of the EU measures on the European steel market as a whole remains primarily a company estimate.Sources
- ArcelorMittal reports third quarter 2026 results — ArcelorMittal
- ArcelorMittal Says Europe's Higher Steel Tariffs Are Boosting Profits — Reuters via MarketScreener