XML 28 R19.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Dec. 31, 2022

Inventories Abstract

Inventories

12.

Inventories

Schedule of inventories

		December 31, 2022		December 31, 2021
Finished products
Iron Solutions		2,126		2,192
Energy Transition Materials		651		582
Other		-		21
		2,777		2,795

Work in progress		800		820
Consumable inventory		1,010		857

Allowance to net realizable value (i)		(105)		(95)
Total of inventories		4,482		4,377

(i)	In 2022, the effect of provision for net realizable value was US$44 (2021: US$1).

The cost of goods sold is presented in note 5(a).

Accounting policy

Inventories are stated at the lower of cost and net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory based on weighted average costs method. At the end of the reporting period, net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are recognized as “Cost of goods sold, and services rendered”.