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Investments in associates and joint ventures | 6 Months Ended
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Jun. 30, 2021
Investments in associates and joint ventures |
Investments in associates and joint ventures | 13. Investments in associates and joint ventures ​ a) Investment information ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Investments in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | associates | ​ | Equity results in the income | ​
​ | ​ | ​ | ​ | ​ | ​ | and joint ventures | ​ | statement | ​ | Dividends received
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Three-month | ​ | Six-month | ​ | Three-month | ​ | Six-month
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | period ended | ​ | period ended | ​ | period ended | ​ | period ended
​ | ​ | % | ​ | % voting | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
Associates and joint ventures | ​ | ownership | ​ | capital | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Ferrous minerals |  |  |  |  |  |  |  |  | ​ |  |  |  |  |  |  |  | ​ |  |  |  |  |  | ​ | ​
Baovale Mineração S.A. |  | 50.00 |  | 50.00 |  | 23 |  | 20 | ​ | 1 |  | 1 |  | 3 |  | 2 | ​ | — |  | — |  | — |  | —
Companhia Coreano-Brasileira de Pelotização |  | 50.00 |  | 50.00 |  | 61 |  | 48 | ​ | 10 |  | 2 |  | 16 |  | 5 | ​ | 2 |  | 17 |  | 2 |  | 17
Companhia Hispano-Brasileira de Pelotização (i) |  | 50.89 |  | 50.89 |  | 41 |  | 43 | ​ | — |  | — |  | — |  | 3 | ​ | 7 |  | 13 |  | 7 |  | 13
Companhia Ítalo-Brasileira de Pelotização (i) |  | 50.90 |  | 51.00 |  | 58 |  | 44 | ​ | 9 |  | 5 |  | 13 |  | 10 | ​ | 6 |  | 23 |  | 6 |  | 23
Companhia Nipo-Brasileira de Pelotização (i) |  | 51.00 |  | 51.11 |  | 135 |  | 121 | ​ | 9 |  | 6 |  | 13 |  | 8 | ​ | 7 |  | — |  | 7 |  | —
MRS Logística S.A. |  | 48.16 |  | 46.75 |  | 442 |  | 398 | ​ | 19 |  | 14 |  | 36 |  | 12 | ​ | — |  | — |  | — |  | —
Samarco Mineração S.A. (note 21) |  | 50.00 |  | 50.00 |  | — |  | — | ​ | — |  | — |  | — |  | — | ​ | — |  | — |  | — | ​ | —
VLI S.A. |  | 29.60 |  | 29.60 |  | 490 |  | 480 | ​ | 7 |  | 8 |  | (8) |  | (22) | ​ | — |  | — |  | — |  | —
​ |  | ​ | ​ | ​ | ​ | 1,250 |  | 1,154 |  | 55 |  | 36 | ​ | 73 |  | 18 |  | 22 |  | 53 | ​ | 22 |  | 53
Base metals |  |  |  |  |  |  |  |  | ​ |  |  |  |  |  |  |  | ​ |  |  |  |  |  | ​ | ​
Korea Nickel Corp. |  | 25.00 |  | 25.00 |  | 17 |  | 18 | ​ | — |  | — |  | — |  | — | ​ | — |  | — |  | — |  | —
​ |  | ​ | ​ | ​ | ​ | 17 |  | 18 |  | — |  | — | ​ | — |  | — |  | — |  | — | ​ | — |  | —
Others |  |  |  |  |  |  |  |  | ​ |  |  |  |  |  |  |  | ​ |  |  |  |  | ​ | ​ | ​
Aliança Geração de Energia S.A. (i) |  | 55.00 |  | 55.00 |  | 372 |  | 367 | ​ | 7 |  | 7 |  | 17 |  | 17 | ​ | 21 |  | 24 |  | 21 |  | 24
Aliança Norte Energia Participações S.A. (i) |  | 51.00 |  | 51.00 |  | 118 |  | 117 | ​ | (2) |  | (2) |  | (3) |  | (3) | ​ | — |  | — |  | — |  | —
California Steel Industries, Inc. |  | 50.00 |  | 50.00 |  | 295 |  | 234 | ​ | 48 |  | 5 |  | 61 |  | (2) | ​ | — |  | — |  | — |  | —
Companhia Siderúrgica do Pecém (“CSP”) (ii) |  | 50.00 |  | 50.00 |  | — |  | — | ​ | — |  | — |  | (42) |  | (75) | ​ | — |  | — |  | — |  | —
Mineração Rio do Norte S.A. |  | 40.00 |  | 40.00 |  | 70 |  | 71 | ​ | 7 |  | (2) |  | (3) |  | (12) | ​ | — |  | — |  | — |  | —
Others | ​ | ​ | ​ | ​ |  | 75 |  | 70 | ​ | (10) |  | (1) |  | (26) |  | (10) | ​ | — |  | — |  | — |  | —
​ | ​ | ​ | ​ | ​ |  | 930 |  | 859 | ​ | 50 |  | 7 |  | 4 |  | (85) | ​ | 21 |  | 24 |  | 21 |  | 24
Total | ​ | ​ | ​ | ​ |  | 2,197 |  | 2,031 | ​ | 105 |  | 43 |  | 77 |  | (67) | ​ | 43 |  | 77 |  | 43 |  | 77
(i) Although the Company held a majority of the voting capital, the entities are accounted under the equity method due to the stockholders' agreement where relevant decisions are shared with other parties. (ii) CSP is a joint venture and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company ́s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize further losses nor liabilities associated with the investee. (iii) “Equity results and other results in associates and joint ventures” presented in the Income Statement considers, in addition to the equity results in associates and joint ventures shown in the table above, the results of Renova Foundation and Samarco (note 21) and other results with group entities. ​ b) Movements during the period ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Balance at January 1, |  | 2,031 |  | 2,798
Capital contribution to CSP | ​ | 42 | ​ | 75
Translation adjustment |  | 70 |  | (645)
Equity results in income statement |  | 77 |  | (67)
Equity results in statement of comprehensive income |  | — |  | (2)
Dividends declared |  | (49) |  | (100)
Others |  | 26 |  | 12
Balance at June 30, |  | 2,197 |  | 2,071
​ The amount of investments by segments are presented in note 4(b). c) Financial guarantees provided ​ As at June 30, 2021 and December 31, 2020, the notional value of corporate financial guarantees provided by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures were US$1,559 and US$1,557, respectively. The fair value of these financial guarantees is shown in note 17.

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