An artificial Earth satellite in a circular equatorial orbit is considered. We analyze the possibility of a satellite's three-axis stabilization in the Konig coordinate system using an electrodynamic control system exploiting Lorentz and magnetic control torques. Conditions allowing the electromagnetic control to solve the problem for a gravitational torque disturbance are obtained. In the nonlinear formulation, sufficient conditions for the asymptotic stability of the satellite equilibrium position are obtained.