Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) The first question comes from Ivan Marcuse from KeyBanc Capital Markets. Please go ahead.
Ivan Marcuse – KeyBanc Capital Markets
Hey guys, how are you doing?
Walt Turner
Good morning. How are you doing?
Ivan Marcuse – KeyBanc Capital Markets
All right. With your change instead of – of not brining back cash into the U.S., do you see opportunities in the near future in Europe and what’s sort of your strategy or plan looking out next six, 12 months in Europe?
Brian McCurrie
I mean, I think a couple of things. I mean, the change in the tax rate is reflective not just of a change in what see as potential consolidation outlook in Europe, it’s also based on sort of the stability of the business in general. We don't need to bring the cash back. So we can position our cash for reinvestment in Europe. Ivan, I think our – we still believe that the opportunity for consolidation in Europe is pretty right. I mean, the continuing struggles in Europe we think are fairly positive signs for that, but as far as whether something can be done in six months or 12 months, that I think will remain to be seen.
Ivan Marcuse – KeyBanc Capital Markets
Great. What’s your market share right now in Europe in the carbon pitch business?
Walt Turner
The carbon pitch business is probably – well, currently it’s in the – probably the 15% to 18% range with the various smelter effects.
Ivan Marcuse – KeyBanc Capital Markets
Got you. And then last question is, markets that you’ve recently entered to, were they contributors in the third quarter targets in the electrodes?
Brian McCurrie
Yes, for sure. We continue to see each month an increased demand for the petroleum – petroleum products.
Ivan Marcuse – KeyBanc Capital Markets
Great, thanks a lot guys.
Brian McCurrie
Well, thank you.
Operator
The next question comes from Chris Shaw from Ticonderoga Securities. Please go ahead.
Chris Shaw – Ticonderoga Securities
Hi, good morning, guys. How are you doing?
Walt Turner
Good morning, Chris.
Brian McCurrie
Good, Chris. How are you?
Chris Shaw – Ticonderoga Securities
Good. I sort of forgot – was the drop in raw material prices meaningful in the quarter? Was that a significant contributor to the margin increase sequentially in Carbon Materials?
Brian McCurrie
Well, I think you’ll see more of that as we get closer to the end of the year and into next year, Chris.
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