ArcelorMittal said on 5 November that all of its European blast furnaces had returned to operation, alongside third-quarter EBITDA of approximately 1.80 billion euros, up 34% year on year. The company also reported adjusted net income of approximately 770 million euros. The results do not establish that the Carbon Border Adjustment Mechanism (CBAM) alone caused the improvement in its operations.
European flat-steel shipments increased from the preceding quarter, despite that period normally experiencing weaker seasonal demand. ArcelorMittal projected double-digit year-on-year growth in European flat-steel shipments in the fourth quarter of 2026. As domestic capacity utilisation rises with furnaces back in operation, regional demand for imported semi-finished products and the availability of finished steel could change.
Chief Executive Aditya Mittal said the combination of CBAM and the European Union’s new tariff-rate quota framework was creating more balanced conditions for European producers. ArcelorMittal expects the benefits of the trade framework to become more fully visible in 2027. Higher energy costs have increased production expenses, while import restrictions and lower inventories have supported producers’ ability to pass through some of those costs.
Tariff-rate quotas, demand, energy prices and ArcelorMittal’s restructuring and investment decisions are also contributing to its operating position. For Serbian steel producers and processors, the development supports assessing EU market access through carbon costs, tariff restrictions and product-specific demand rather than carbon prices alone. Industrial lenders may also need to account for changes in production capacity and expected European selling prices as the framework becomes established.
ArcelorMittal called for additional protection for steel-intensive downstream products, reflecting industry support for extending the EU’s trade and carbon-leakage framework. The durability of its improved European operating position will depend on demand, energy costs and the final design of further industrial protection measures.