Source: ArcelorMittal / Reuters / Sina Finance
ArcelorMittal, the world's second-largest steelmaker, topped quarterly core profit expectations on Thursday as European Union industry protection measures boosted steel shipments in its home region, sending its shares about 6 percent higher in early Amsterdam trading to 58.26 euros. The Luxembourg-based group reported third-quarter earnings before interest, taxes, depreciation and amortization of 2.02 billion US dollars, exceeding the average analyst forecast of 1.96 billion dollars in an LSEG poll and rising 34 percent from a year earlier. The group nonetheless booked a net loss of 391 million dollars for the quarter, against a 683 million dollar profit in the previous three months, owing to exceptional costs related to the idling of ArcelorMittal Kryvyi Rih in Ukraine, which halted production in September after repeated strikes on the site.
The better-than-expected result underscores how the EU's overhauled trade regime, in force since July 1, is reshaping the European steel market. Under the new framework, duty-free import quotas were cut to 18.3 million tonnes and out-of-quota shipments now face a 50 percent tariff, while the carbon border adjustment mechanism adds further cost pressure on overseas suppliers. ArcelorMittal estimated that steel imports from outside the EU fell roughly 50 percent year on year in the third quarter. Tighter supply has supported pricing: European hot-rolled coil prices have climbed 22 percent since the start of 2026 to around 755 euros per tonne, and JPMorgan analysts recently forecast European prices could reach 825 euros per tonne by the end of 2027.
Operations are also recovering. The company said it has brought all of its European blast furnaces back into operation, reversing shutdowns prompted by the energy crisis, and expects flat shipment growth to accelerate in the final quarter, with second-half deliveries exceeding those of the first half. European flat steel shipments rose quarter on quarter, defying the usual seasonal pattern.
Chief Executive Aditya Mittal said the European measures were creating a more balanced and sustainable operating environment for the continent's steel industry, helping producers absorb elevated energy and raw material costs, though he noted the full benefit would be reflected in results from 2027 and called for further action against import pressure on steel-intensive downstream sectors. Including Thursday's rally, ArcelorMittal shares have gained about 80 percent over the past twelve months, outperforming all EU-listed steel peers except Salzgitter.
