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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Profit for the year $ 986,374 $ 2,092,772 $ 4,367,191
Adjustments for:      
Depreciation and amortization 657,692 616,492 591,790
Impairment charge 42,316 99,000 0
Income tax accruals less payments (160,940) (1,195,561) 578,285
Equity in earnings of non-consolidated companies (105,305) (37,114) (400,732)
Interest accruals less payments/receipts, net (45,139) (24,795) 5,901
Changes in provisions (64,447) (1,069) 11,761
Changes in working capital [1] 321,081 1,152,498 (2,617,789)
Net foreign exchange results and others (236,499) 50,720 140,908
Net cash provided by operating activities 2,501,124 2,752,943 2,677,315
Cash flows from investing activities      
Capital expenditures and advances to suppliers for PP&E [2] (1,460,677) (580,553) (523,610)
Increase in other investments (717,534) (770,638) (579,010)
Proceeds from the sale of property, plant and equipment 2,477 1,912 1,752
Dividends received from non-consolidated companies 43,075 28,884 56,275
Acquisition of non-controlling interest 0 (4,216) (757)
Net cash used in investing activities (1,470,273) (1,324,611) (1,045,350)
Cash flows from (used in) financing activities [abstract]      
Dividends paid in cash to company’s shareholders (569,292) (530,031) (569,292)
Lease payments (58,900) (49,410) (45,604)
Proceeds from borrowings 354,946 285,908 246,046
Repayments of borrowings (493,111) (722,644) (485,526)
Net cash used in financing activities (766,357) (1,016,177) (854,376)
Increase in cash and cash equivalents 264,494 412,155 777,589
Effect of exchange rate changes on cash and cash equivalents [abstract]      
Beginning of period 1,653,355 [3] 1,276,605 [3] 537,882
Effect of exchange rate changes (71,836) (35,405) (38,866)
Increase in cash and cash equivalents 264,494 412,155 777,589
End of period [3] 1,846,013 1,653,355 1,276,605
Non-cash transactions:      
Dividends paid in kind to non-controlling interest (233,538) (112,293) 0
Acquisition of PP&E under lease contract agreements 16,061 13,961 13,758
Adjustments related to post-retirement benefits and contingencies 171,987 0 0
Usiminas      
Adjustments for:      
Non-cash effects related to the increase of the participation in Usiminas 1,105,991 0 0
Cash flows from investing activities      
Purchase consideration (118,686) 0 0
Cash acquired $ 781,072 $ 0 $ 0
[1] The working capital is impacted by non-cash movement of $129.3 million as of December 31, 2023 ($24.9 million and $(12.5) million as of December 31, 2022 and 2021, respectively) due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.
[2] It includes capital expenditures of $1,201,639 and advances to suppliers for property, plant and equipment of $259,048.
[3] It includes restricted cash of $3,129, $30 and $58 as of December 31, 2023, 2022 and 2021, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,186,420, $1,975,490 and $1,357,484 as of December 31, 2023, 2022 and 2021, respectively.