v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit for the year $ 303,095 $ 173,781 $ 986,374
Adjustments for:      
Depreciation and amortization 788,308 743,277 657,692
Impairment charge 18,757 32,435 42,316
Income tax accruals less payments 100,423 497,697 (160,940)
Equity in earnings of non-consolidated companies (85,641) (69,108) (105,305)
Interest accruals less payments/receipts, net (14,550) (16,331) (45,139)
Changes in provisions (463) (60,469) (64,447)
Changes in working capital [1] 1,035,432 (15,880) 321,081
Net foreign exchange results and others 50,864 210,555 (236,499)
Net cash provided by operating activities 2,313,625 1,906,157 2,501,124
Cash flows from investing activities      
Capital expenditures and advances to suppliers for PP&E [2] (2,500,854) (1,865,419) (1,460,677)
Decrease (Increase) in other investments 490,380 462,128 (717,534)
Proceeds from the sale of property, plant and equipment 4,146 2,388 2,477
Dividends received from non-consolidated companies 32,086 25,582 43,075
Repayment of additional paid in capital [3] (10,291) 0 0
Net cash used in investing activities (1,984,533) (1,375,321) (1,470,273)
Cash flows from (used in) financing activities [abstract]      
Dividends paid in cash to company’s shareholders (530,031) (608,554) (569,292)
Dividends paid in cash to non-controlling interest (8,696) (54,335) 0
Lease payments (64,544) (61,194) (58,900)
Proceeds from borrowings 1,114,525 1,558,501 354,946
Repayments of borrowings (1,011,831) (1,322,803) (493,111)
Net cash used in financing activities (500,577) (488,385) (766,357)
(Decrease) increase in cash and cash equivalents (171,485) 42,451 264,494
Movement in cash and cash equivalents      
Beginning of period 1,691,263 [4] 1,846,013 [4] 1,653,355
Effect of exchange rate changes 11,426 (197,201) (71,836)
(Decrease) increase in cash and cash equivalents (171,485) 42,451 264,494
End of period [4] 1,531,204 1,691,263 1,846,013
Non-cash transactions:      
Dividends paid in kind to non-controlling interest (112,278) 0 (233,538)
Acquisition of PP&E under lease contract agreements 33,951 13,850 16,061
Adjustments related to post-retirement benefits and contingencies 0 0 171,987
Usiminas      
Adjustments for:      
Non-cash effects related to the provision for ongoing litigation related to the acquisition of a participation in Usiminas 117,400 410,200 0
Usiminas      
Adjustments for:      
Non-cash effects related to the increase of the participation in Usiminas 0 0 1,105,991
Cash flows from investing activities      
Purchase consideration 0 0 (118,686)
Cash acquired $ 0 $ 0 $ 781,072
[1] The working capital is calculated net of non-cash movements of $210.3 million as of December 31, 2025 ($(389.8) million and $129.3 million as of December 31, 2024 and 2023, respectively) due to the variations in the exchange rates used by subsidiaries.
[2] It includes capital expenditures of $2,659,101 and a decrease in advances to suppliers for property, plant and equipment of $(158,247) for the year ended December 31, 2025 ($1,821,111 and an increase of $44,308, respectively, for the year ended December 31, 2024).
[3] It corresponds to the agreement in connection with the repayment of the additional paid in capital from Tenigal S. de R.L. de C.V. to the non-controlling interest as per the shareholders’ agreement signed on June 25, 2025. The shareholders agreed to the repayment of the total amount of the additional paid in capital of $63 million in the upcoming three years, starting in June 2025.
[4] It includes restricted cash of $2,838, $2,746 and $3,129 as of December 31, 2025, 2024 and 2023, respectively. In addition, the Company had other investments with a maturity of more than three months for $1,600,061, $2,182,874 and $2,186,420 as of December 31, 2025, 2024 and 2023, respectively.