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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of deferred income tax assets and liabilities

		December 31, 2020		December 31, 2019
Taxes losses carryforward		4,328		4,659
Temporary differences:
Employee post retirement obligations		744		840
Provision for litigation		356		443
Timing differences arising on assets and liabilities		4,331		3,246
Fair value of financial instruments		1,355		864
Allocated goodwill		(2,623)		(2,640)
Goodwill amortization		(442)		(478)
Others		516		401
		4,237		2,676
Total		8,565		7,335
Assets		10,335		9,217
Liabilities		(1,770)		(1,882)
		8,565		7,335

Schedule of changes in deferred tax

		Assets		Liabilities		Deferred taxes, net
Balance at December 31, 2018		6,908		1,532		5,376
Utilization of taxes losses carryforward		(443)		—		(443)
Timing differences arising on assets and liabilities		2,113		—		2,113
Fair value of financial instruments		328		—		328
Allocated goodwill		—		(210)		210
Others		(91)		—		(91)
Effect in income statement		1,907		(210)		2,117
Transfers between asset and liabilities		252		252		—
Acquisition of subsidiaries (i)		104		250		(146)
Translation adjustment		(187)		47		(234)
Other comprehensive income		233		11		222
Balance at December 31, 2019		9,217		1,882		7,335
Taxes losses carryforward		374		—		374
Timing differences arising on assets and liabilities		1,690		—		1,690
Fair value of financial instruments		756		—		756
Allocated goodwill		—		(108)		108
Others		32		—		32
Effect in income statement		2,852		(108)		2,960
Transfers between asset and liabilities		38		38		—
Translation adjustment		(1,811)		(37)		(1,774)
Other comprehensive income		39		(5)		44
Balance at December 31, 2020		10,335		1,770		8,565

(i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 15).

Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law

		Year ended December 31,
		2020		2019		2018
Income (loss) before income taxes		4,969		(2,775)		6,816
Income taxes at statutory rate‐34%		(1,689)		944		(2,317)
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity		316		601		873
Tax incentives		211		189		576
Equity results		(41)		77		104
Addition (reversal) of tax loss carryforward (i)		769		25		1,510
Unrecognized tax losses of the year		(217)		(1,059)		(458)
Others		213		(182)		(116)
Income taxes		(438)		595		172

(i) Mainly refers to the effect of monetary exchange variation on tax losses carryforward from foreign subsidiaries.

X

- Definition

The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

+ References

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- Definition

The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]

+ References

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- Definition

The tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pre-tax income from continuing operations.

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