The present paper studies the effects of stress mitigation in a mechanically loaded electrically conductive composite by application of an electromagnetic field. Governing equations are derived for a long transversely isotropic current-carrying thin plate subjected to an impact-like mechanical load and immersed in a magnetic field. The numerical solution procedure consists of a sequential application of time and spatial integration, quasi-linearization and stable orthonormalization. The numerical results show that the stresses and transverse vibrations of the impacted plate are reduced in the presence of the pulsed current and external magnetic field. Furthermore, the magnitude and direction of the electric current and magnetic induction have significant effects on the response of the plate. This study suggests that there is an optimum for the electromagnetic load combination in improvement of the impact response.