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Note 11 - Property, plant and equipment, net | 12 Months Ended
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Dec. 31, 2025
Note 11 - Property, plant and equipment, net |
Note 11 - Property, plant and equipment, net | 11 Property, plant and equipment, net
Year ended December 31, 2025 | Land and civil buildings |  |  | Industrial buildings, plant and production equipment |  |  | Vehicles, furniture and fixtures |  |  | Work in progress |  |  | Spare parts and equipment |  |  | Total |
At the beginning of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 935,704 |  |  | 13,903,542 |  |  | 424,042 |  |  | 372,990 |  |  | 81,438 |  |  | 15,717,716 |
Accumulated depreciation and impairment | (178,294 | ) |  | (9,030,040 | ) |  | (350,480 | ) |  | - |  |  | (37,431 | ) |  | (9,596,245 | )
Property, plant and equipment, net at the beginning of the year | 757,410 |  |  | 4,873,502 |  |  | 73,562 |  |  | 372,990 |  |  | 44,007 |  |  | 6,121,471 |
Movements of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustment | 8,279 |  |  | 56,463 |  |  | 640 |  |  | 6,188 |  |  | 364 |  |  | 71,934 |
Increase due to business combinations (*) | 1,990 |  |  | 14,352 |  |  | - |  |  | - |  |  | - |  |  | 16,342 |
Additions | - |  |  | 3,164 |  |  | 598 |  |  | 550,901 |  |  | 13,758 |  |  | 568,421 |
Transfers / Reclassifications | 83,893 |  |  | 464,662 |  |  | 39,070 |  |  | (586,719 | ) |  | - |  |  | 906 |
Decrease due to deconsolidation of subsidiaries (**) | - |  |  | (362 | ) |  | (11 | ) |  | - |  |  | - |  |  | (373 | )
Disposals / Consumptions (***) | (57,445 | ) |  | (818 | ) |  | (461 | ) |  | (6,369 | ) |  | (6,849 | ) |  | (71,942 | )
Depreciation charge | (14,728 | ) |  | (464,041 | ) |  | (20,666 | ) |  | - |  |  | (2,242 | ) |  | (501,677 | )
Movements of the year | 21,989 |  |  | 73,420 |  |  | 19,170 |  |  | (35,999 | ) |  | 5,031 |  |  | 83,611 |
At the end of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 967,135 |  |  | 14,517,757 |  |  | 458,610 |  |  | 336,991 |  |  | 89,139 |  |  | 16,369,632 |
Accumulated depreciation and impairment | (187,736 | ) |  | (9,570,835 | ) |  | (365,878 | ) |  | - |  |  | (40,101 | ) |  | (10,164,550 | )
Property, plant and equipment, net at the end of the year | 779,399 |  |  | 4,946,922 |  |  | 92,732 |  |  | 336,991 |  |  | 49,038 |  |  | 6,205,082 |
Year ended December 31, 2024 | Land and civil buildings |  |  | Industrial buildings, plant and production equipment |  |  | Vehicles, furniture and fixtures |  |  | Work in progress |  |  | Spare parts and equipment |  |  | Total |
At the beginning of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 889,957 |  |  | 13,538,273 |  |  | 416,913 |  |  | 396,103 |  |  | 71,834 |  |  | 15,313,080 |
Accumulated depreciation and impairment | (164,894 | ) |  | (8,696,044 | ) |  | (351,309 | ) |  | - |  |  | (22,654 | ) |  | (9,234,901 | )
Property, plant and equipment, net at the beginning of the year | 725,063 |  |  | 4,842,229 |  |  | 65,604 |  |  | 396,103 |  |  | 49,180 |  |  | 6,078,179 |
Movements of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustment | (4,637 | ) |  | (26,793 | ) |  | (266 | ) |  | (4,391 | ) |  | (161 | ) |  | (36,248 | )
Changes due to business combinations (****) | 12,949 |  |  | (24,063 | ) |  | - |  |  | 653 |  |  | - |  |  | (10,461 | )
Additions | 2,176 |  |  | 1,028 |  |  | 433 |  |  | 616,218 |  |  | 15,658 |  |  | 635,513 |
Transfers / Reclassifications | 48,322 |  |  | 550,891 |  |  | 29,681 |  |  | (633,440 | ) |  | - |  |  | (4,546 | )
Disposals / Consumptions | (10,197 | ) |  | (12,526 | ) |  | (1,183 | ) |  | (2,153 | ) |  | (5,704 | ) |  | (31,763 | )
Depreciation charge | (16,266 | ) |  | (457,264 | ) |  | (20,707 | ) |  | - |  |  | (14,966 | ) |  | (509,203 | )
Movements of the year | 32,347 |  |  | 31,273 |  |  | 7,958 |  |  | (23,113 | ) |  | (5,173 | ) |  | 43,292 |
At the end of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 935,704 |  |  | 13,903,542 |  |  | 424,042 |  |  | 372,990 |  |  | 81,438 |  |  | 15,717,716 |
Accumulated depreciation and impairment | (178,294 | ) |  | (9,030,040 | ) |  | (350,480 | ) |  | - |  |  | (37,431 | ) |  | (9,596,245 | )
Property, plant and equipment, net at the end of the year | 757,410 |  |  | 4,873,502 |  |  | 73,562 |  |  | 372,990 |  |  | 44,007 |  |  | 6,121,471 |
(*) | For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.
(**) | For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.
(***) | For the year 202 5, includes the unwinding of certain land plots in Saudi Arabia. For more information see note 28.
(****) | For the year 2024, related to Mattr’s pipe coating business unit acquisition.
Property, plant and equipment include capitalized interests for net amounts at December 31, 202 5 and 202 4 of $25.6 million and $27.2 million, respectively. There were no new interests capitalized during 202 5 and 202 4. Government grants recognized as a reduction of property, plant and equipment were not material for the year s 2025 and 2024. The Company’s Brazilian subsidiary Confab Industrial S.A. (“Confab”) holds certain real estate assets, with a carrying value of $33.4 million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable to Companhia Siderúrgica Nacional (“CSN") under a lawsuit brough t by CSN against Confab and other related companies. The litigation is currently pending, and no amount is currently owed by Confab. See note 27 (i) “Contingencies, commitments and restrictions to the distribution of profits - Contingencies - CSN claims relating to the January 2012 acquisition of Usiminas”. For the year 202 5 and 202 4, the carrying amount of assets pledged as security for current and non-current borrowings amounted to $49.7 million and $147.9 million, respective ly, held in Saudi Arabia by the Company´s subsidiary GPC, in which SSPC holds a 57.3% interest.

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