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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Profit for the year $ 173,781 $ 986,374 $ 2,092,772
Adjustments for:      
Depreciation and amortization 743,277 657,692 616,492
Impairment charge 32,435 42,316 99,000
Income tax accruals less payments 497,697 (160,940) (1,195,561)
Equity in earnings of non-consolidated companies (69,108) (105,305) (37,114)
Interest accruals less payments/receipts, net (16,331) (45,139) (24,795)
Changes in provisions (60,469) (64,447) (1,069)
Changes in working capital [1] (15,880) 321,081 1,152,498
Net foreign exchange results and others 210,555 (236,499) 50,720
Net cash provided by operating activities 1,906,157 2,501,124 2,752,943
Cash flows from investing activities      
Capital expenditures and advances to suppliers for PP&E [2] (1,865,419) (1,460,677) (580,553)
Decrease (Increase) in other investments 462,128 (717,534) (770,638)
Proceeds from the sale of property, plant and equipment 2,388 2,477 1,912
Dividends received from non-consolidated companies 25,582 43,075 28,884
Acquisition of non-controlling interest 0 0 (4,216)
Net cash used in investing activities (1,375,321) (1,470,273) (1,324,611)
Cash flows from (used in) financing activities [abstract]      
Dividends paid in cash to company’s shareholders (608,554) (569,292) (530,031)
Dividends paid in cash to non-controlling interest (54,335) 0 0
Lease payments (61,194) (58,900) (49,410)
Proceeds from borrowings 1,558,501 354,946 285,908
Repayments of borrowings (1,322,803) (493,111) (722,644)
Net cash used in financing activities (488,385) (766,357) (1,016,177)
Increase in cash and cash equivalents 42,451 264,494 412,155
Movement in cash and cash equivalents      
Beginning of period 1,846,013 [3] 1,653,355 [3] 1,276,605
Effect of exchange rate changes (197,201) (71,836) (35,405)
Increase in cash and cash equivalents 42,451 264,494 412,155
End of period [3] 1,691,263 1,846,013 1,653,355
Non-cash transactions:      
Dividends paid in kind to non-controlling interest 0 (233,538) (112,293)
Acquisition of PP&E under lease contract agreements 13,850 16,061 13,961
Adjustments related to post-retirement benefits and contingencies 0 171,987 0
Usiminas      
Adjustments for:      
Non-cash effects related to the provision for ongoing litigation related to the acquisition of a participation in Usiminas 410,200 0 0
Usiminas      
Adjustments for:      
Non-cash effects related to the increase of the participation in Usiminas 0 1,105,991 0
Cash flows from investing activities      
Purchase consideration 0 (118,686) 0
Cash acquired $ 0 $ 781,072 $ 0
[1] The working capital is calculated net of non-cash movements of $(389.8) million as of December 31, 2024 ($129.3 million and $24.9 million as of December 31, 2023 and 2022, 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 $1,821,111 and advances to suppliers for property, plant and equipment of $44,308.
[3] It includes restricted cash of $2,746, $3,129 and $30 as of December 31, 2024, 2023 and 2022, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,182,874, $2,186,420 and $1,975,490 as of December 31, 2024, 2023 and 2022, respectively.