ArcelorMittal, the world's second-largest steelmaker, reported a 34% year-over-year increase in third-quarter EBITDA. It reached $2.02 billion, beating analyst expectations. The company credited the early effects of enhanced European Union trade measures with helping create a more balanced market.
The EU rules, which took effect in the summer, doubled duties to 50% on steel imports exceeding specific quotas. The measures strengthened European steel producers' pricing power and lifted ArcelorMittal's flat steel shipments in Europe, bucking seasonal trends.
Impairment charges related to the company's idle plant in Ukraine contributed to a reported net loss of $391 million. Adjusted net income rose to $868 million.