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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      
Income for the year $ 2,076,773 $ 3,957,833 $ 2,548,701
Adjustments for:      
Depreciation and amortization 632,854 548,510 607,723
Impairment charge 76,725
Bargain purchase gain (2,211) (3,162)
Income tax accruals less payments (222,510) (143,391) 257,651
Equity in earnings of non-consolidated companies (8,548) (95,404) (208,702)
Interest accruals less payments, net (1,067) (53,480) 1,480
Provision for the ongoing litigation related to the acquisition of participation in Usiminas 89,371
Changes in provisions (25,155) 21,284 16,433
Reclassification of currency translation adjustment reserve [1] (878) (71,252)
Changes in working capital [2] 286,917 182,428 (2,131,245)
Others, including net foreign exchange differences 39,794 (18,667) 69,703
Net cash provided by operating activities 2,866,218 4,395,073 1,167,217
Cash flows from investing activities      
Capital expenditures (693,956) (619,445) (378,446)
Changes in advance to suppliers of property, plant and equipment (10,391) 1,736 (18,901)
Acquisition of subsidiaries, net of cash acquired [3] 31,446 (265,657) (4,082)
Other investments at fair value (1,126)
Additions to associated companies (22,661)
Loan to joint-ventures (5,551) (3,754)
Proceeds from disposal of property, plant and equipment and intangible assets 28,963 12,881 48,458
Dividends received from non-consolidated companies 73,810 68,781 66,162
Changes in investments in securities (821,478) (1,857,272) 123,254
Net cash (used in) provided by investing activities (1,397,157) (2,686,517) (163,555)
Cash flows from financing activities      
Dividends paid (757,786) (636,511) (531,242)
Dividends paid to non-controlling interest in subsidiaries (5,862) (18,967) (10,432)
Changes in non-controlling interests 1,143 3,772 (1,407)
Acquisition of treasury shares (1,439,589) (213,739)
Payments of lease liabilities (68,574) (51,492) (52,396)
Proceeds from borrowings 1,870,666 1,723,677 1,511,503
Repayments of borrowings (1,999,427) (1,931,747) (1,094,370)
Net cash used in financing activities (2,399,429) (1,125,007) (178,344)
(Decrease) increase in cash and cash equivalents (930,368) 583,549 825,318
Movement in cash and cash equivalents      
At the beginning of the year 1,616,597 1,091,433 318,067
Effect of exchange rate changes (25,431) (58,385) (51,952)
(Decrease) increase in cash and cash equivalents (930,368) 583,549 825,318
At December 31, 660,798 1,616,597 1,091,433
Cash and cash equivalents      
Cash and bank deposits 675,256 1,637,821 1,091,527
Bank overdrafts (14,458) (21,224) (94)
Cash and cash equivalents $ 660,798 $ 1,616,597 $ 1,091,433
[1] For the year 2022, related to NKKTubes’ cease of operations.
[2] Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar for an amount of $30.3 million for 2024, $(16.7) million for 2023 and $4.2 million for 2022.
[3] For the year 2024, related to the Mattr’s pipe coating business unit acquisition. For more information see note 34.