Global marketsUpdated November 5

ArcelorMittal says EU steel tariffs lift profits.

Investors are getting an early look at how the EU’s trade curbs are affecting its biggest steelmaker. ArcelorMittal’s third-quarter earnings came in just above expectations, while EBITDA—earnings before interest, taxes, depreciation and amortization—surged 34%. Separately, the company says Europe’s steel tariffs are boosting profits. That leaves investors with two distinct signals from the quarter: a small beat against expectations and a sharp rise in the earnings measure, alongside ArcelorMittal’s claim that tariffs are helping.

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Coverage started November 5