Accounts receivable

12 Months Ended

Dec. 31, 2020

10. Accounts receivable


	December 31, 2020		December 31, 2019
Accounts receivable	5,043		2,592
Expected credit loss	(50)		(63)
	4,993		2,529
Revenue related to the steel sector-%	87.25	%	87.33	%

In 2020, the Company had a customer of the Ferrous Minerals Segment whose revenue individually represented 10.1% of the Company's total revenue. In 2019, there was no customer that individually represents more than 10% of the Company’s accounts receivable or revenues.

Accounting policy

Accounts receivable is the total amount due from sale of products and services rendered by the Company. Accounts receivable is recognized at fair value and subsequently measured at amortized cost using the effective interest method, except for component of provisionally priced commodities sales that are subsequently measured at fair value through profit or loss.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts receivable. The Company has established a provision matrix that is based on historical credit loss experience, adjusted for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables.

Year ended December 31,

Impairment of accounts receivable recorded in the income statement