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Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables)

12 Months Ended

Dec. 31, 2021

Loans, borrowings, leases, cash and cash equivalents and short-term investments

Schedule of net debt

​

​	​	​	​	​
​		December 31, 2021		December 31, 2020
Debt contracts	​	12,180	​	13,360
Leases		1,602		1,667
Total of loans, borrowings and leases		13,782		15,027
​	​	​	​	​
(-) Cash and cash equivalents		11,721		13,487
(-) Short-term investments		184		771
Net debt	​	1,877	​	769

Schedule of total debt

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Average interest	​	Current liabilities			​	Non-current liabilities
​		rate(i)		December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Quoted in the secondary market:		​	​
US$ Bonds		6.01	%	—		—		7,448		7,448
Eurobonds		4.29	%	—	​	—	​	—	​	920
R$ Debentures (ii)		10.48	%	186	​	107	​	201	​	389
Debt contracts in Brazil in (iii):		​	​	​	​	​	​	​	​	​
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI		9.29	%	95	​	320	​	259	​	540
R$, with fixed interest		2.86	%	12	​	20	​	1	​	14
Basket of currencies and bonds in US$ indexed to LIBOR		2.32	%	11	​	45	​	—	​	11
Debt contracts in the international market in:		​	​	​	​	​	​	​	​	​
US$, with variable and fixed interest		2.24	%	479	​	182	​	3,136	​	3,044
Other currencies, with variable interest		4.10	%	77	​	—	​	10	​	—
Other currencies, with fixed interest		3.36	%	12	​	12	​	95	​	107
Accrued charges		​	​	158	​	201	​	—	​	—
Total		​	​	1,030	​	887	​	11,150	​	12,473

(i)In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2021.

(ii)The Company has debentures in Brazil with BNDES raised for the Company's infrastructure investment projects.

(iii)The Company entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 2.93% per year in US$.

Schedule of future flows of debt payments, principal and interest

​

​	​	​	​	​
​		​		Estimated future
​	​	Principal	​	interest payments (i)
2022		872	​	600
2023		289	​	564
2024		2,004	​	539
2025		145	​	510
Between 2026 and 2030		2,455	​	2,049
2031 onwards		6,257	​	2,128
Total		12,022	​	6,390

(i)Based on interest rate curves and foreign exchange rates applicable as at December 31, 2021 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements.

Schedule of reconciliation of debt to cash flows arising from financing activities

​

​	​	​	​	​	​	​	​	​
​		Quoted in the		Debt contracts		Debt contracts on the		​
​	​	secondary market	​	in Brazil	​	international market	​	Total
December 31, 2020	​	9,046	​	959	​	3,355	​	13,360
Additions	​	—	​	—	​	930	​	930
Repayments (i)		(922)	​	(373)	​	(632)	​	(1,927)
Interest paid (ii)		(501)	​	(117)	​	(75)	​	(693)
Cash flow from financing activities		(1,423)	​	(490)	​	223	​	(1,690)
​	​	​	​	​	​	​	​	​
Effect of exchange rate		(118)	​	(199)	​	177	​	(140)
Interest accretion		469	​	110	​	71	​	650
Non-cash changes		351	​	(89)	​	248	​	510
December 31, 2021		7,974	​	380	​	3,826	​	12,180

(i)Includes expenses with redemption of bonds in the amount of US$63.

(ii)Classified as cash flow due to operational activities.

​

Schedule of lease liabilities

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Additions and	​	​	​	​	​	​	​	​	​	​
​	​	​	​	contract	​	​	​	​	​	Transfer to	​	​	​	​
​		December 31,		modifications		​		​		liabilities held	​	Translation		December 31,
​		2020		(i)		Payments (ii)		Interest (iii)		for sale	​	adjustment		2021
Ports		743		30		(75)		28		—	​	(13)		713
Vessels		533		—		(65)		21		—	​	—		489
Pelletizing plants		137		130		(40)		7		—	​	(9)		225
Properties		142		8		(28)		5		(2)	​	(22)		103
Energy plants		62		—		(8)		5		—	​	—		59
Mining equipment and locomotives		50		70		(12)		2		(89)	​	(8)		13
Total		1,667		238		(228)		68		(91)	​	(52)		1,602

(i) Additions and contract modifications includes the effect of US$53 due to Nacala Logistic Corridor acquisition (note 16).

(ii) The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the year ended December 31, 2021, 2020 and 2019 was US$395, US$63 and US$560, respectively.

(iii) The interest accretion recognized in the income statement is disclosed in note 6. Includes the amount of US$5 related to coal operations, whose impact is recorded in the financial results of discontinued operations (note 16).

Schedule of discount rates

​

​	​	​	​
​		Discount rate
Ports		3% to 6	%
Vessels		3% to 4	%
Pelletizing plants		3% to 5	%
Properties		3% to 7	%
Energy plants		4% to 5	%
Mining equipment		3% to 7	%

Summary of annual minimum payments related

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​

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Average

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​

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​

​

​

​

​

​

​

​

​

​

remaining term

​

2022

2023

2024

2025

​

2026 onwards

Total

(years)

Ports

66

63

63

62

​

741

995

​

4 to 21

Vessels

64

62

60

59

​

345

590

​

3 to 11

Pelletizing plants

48

41

39

39

​

110

277

​

2 to 11

Properties

35

20

18

9

​

30

112

​

2 to 9

Energy plants

7

6

6

6

​

55

80

​

8

Mining equipment

3

2

1

1

​

7

14

​

2 to 6

Total

223

194

187

176

​

1,288

2,068

​

​

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