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Information by business segment and geographic area | 6 Months Ended
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Jun. 30, 2023
Information By Business Segment And Geographic Area |
Information by business segment and geographic area | 4. Information by business segment and geographic area
Segment | Main activities
Iron Solutions | Comprise of the production and extraction of iron ore, iron ore pellets, manganese, other ferrous products, and its logistic related services.
Energy Transition Metals | Includes the production and extraction of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver).
Coal (discontinued operation) | Comprise of the production and extraction of metallurgical and thermal coal and its logistic related services.
Other | Includes the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and corporate expenses unallocated to the reportable segments, financial information related to Midwestern system and costs related to the Brumadinho event.
The segments are aligned with products and reflect the structure used by Management to evaluate the Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA, among other measures. a) Adjusted EBITDA The definition of Adjusted EBITDA for the Company is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment reversal (impairment) and results on disposal of non-current assets.
Schedule of adjusted EBITDA |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2023 | 2022 | 2023 | 2022
Iron ore |  | 3,087 | 3,975 | 5,725 | 8,909
Iron ore pellets |  | 818 | 1,140 | 1,485 | 1,977
Other ferrous products and services |  | 36 | 32 | 51 | 63
Iron solutions |  | 3,941 | 5,147 | 7,261 | 10,949
Nickel |  | 240 | 580 | 593 | 1,105
Copper |  | 236 | 23 | 456 | 249
Energy Transition Metals |  | 476 | 603 | 1,049 | 1,354
Other |  | (543) | (496) | (860) | (835)
Adjusted EBITDA from continuing operations |  | 3,874 | 5,254 | 7,450 | 11,468
Depreciation, depletion and amortization | 4(c) | (779) | (810) | (1,435) | (1,496)
Impairment reversal (impairment) and results on disposal of non-current assets, net and other (i) | 15 and 17 | (118) | (82) | (157) | 990
Dividends received and interest from associates and joint ventures | 14 | (105) | (71) | (105) | (71)
Operating income |  | 2,872 | 4,291 | 5,753 | 10,891
Equity results and other results in associates and joint ventures | 14 | 5 | (56) | (50) | 155
Financial results | 6 | (157) | 821 | (687) | 579
Income taxes | 7 | (1,792) | (911) | (2,210) | (3,002)
Net income from continuing operations |  | 928 | 4,145 | 2,806 | 8,623
(i) Includes adjustments of US$52 and US$87 in the three and six-month periods ended June 30, 2023, respectively, to reflect the performance of the streaming transactions at market prices.
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2023 | 2022 | 2023 | 2022
Adjusted EBITDA from discontinued operations |  | - | - | - | 171
Impairment and results on disposals of non-current assets, net |  | - | (429) | - | (589)
Operating loss | 15(f) | - | (429) | - | (418)
Financial results |  | - | 3,072 | - | 3,065
Derecognition of noncontrolling interest |  | - | (585) | - | (585)
Income taxes |  | - | - | - | (2)
Net income from discontinued operations | 15(f) | - | 2,058 | - | 2,060
b) Net operating revenue by shipment destination
Net operating revenue by shipment destination |
| Three-month period ended June 30, 2023
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
Americas, except United States and Brazil | - | 102 | - | 123 | 2 | - | 227
United States of America | - | 97 | - | 334 | - | - | 431
Germany | 47 | - | 1 | 123 | 123 | - | 294
Europe, except Germany | 321 | 119 | - | 181 | 312 | - | 933
Middle East, Africa, and Oceania | - | 507 | - | 9 | - | - | 516
Japan | 623 | 54 | - | 147 | - | - | 824
China | 4,364 | 2 | - | 217 | 55 | - | 4,638
Asia, except Japan and China | 519 | 67 | 3 | 227 | - | - | 816
Brazil | 361 | 465 | 124 | 18 | - | 26 | 994
Net operating revenue | 6,235 | 1,413 | 128 | 1,379 | 492 | 26 | 9,673
| Three-month period ended June 30, 2022
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
Americas, except United States and Brazil | - | 131 | 5 | 111 | - | 76 | 323
United States of America | - | 47 | - | 427 | - | - | 474
Germany | 92 | - | - | 140 | 83 | - | 315
Europe, except Germany | 517 | 89 | - | 289 | 216 | - | 1,111
Middle East, Africa, and Oceania | - | 656 | - | 6 | - | 26 | 688
Japan | 718 | 94 | - | 199 | 3 | - | 1,014
China | 4,868 | 33 | 1 | 200 | - | - | 5,102
Asia, except Japan and China | 523 | 151 | 3 | 158 | 26 | 47 | 908
Brazil | 395 | 579 | 123 | 17 | - | 108 | 1,222
Net operating revenue | 7,113 | 1,780 | 132 | 1,547 | 328 | 257 | 11,157
| Six-month period ended June 30, 2023
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
Americas, except United States and Brazil | 1 | 248 | - | 266 | 2 | - | 517
United States of America | - | 183 | - | 759 | - | - | 942
Germany | 138 | 33 | 1 | 297 | 253 | - | 722
Europe, except Germany | 693 | 258 | - | 543 | 574 | - | 2,068
Middle East, Africa, and Oceania | - | 923 | - | 18 | - | - | 941
Japan | 1,102 | 106 | - | 305 | - | - | 1,513
China | 7,639 | 2 | - | 295 | 109 | - | 8,045
Asia, except Japan and China | 922 | 108 | 5 | 367 | 44 | - | 1,446
Brazil | 722 | 874 | 229 | 37 | - | 51 | 1,913
Net operating revenue | 11,217 | 2,735 | 235 | 2,887 | 982 | 51 | 18,107
| Six-month period ended June 30, 2022
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
Americas, except United States and Brazil | - | 261 | 5 | 277 | - | 125 | 668
United States of America | - | 74 | - | 713 | - | - | 787
Germany | 221 | - | - | 311 | 291 | - | 823
Europe, except Germany | 978 | 164 | - | 504 | 419 | - | 2,065
Middle East, Africa, and Oceania | - | 1,150 | - | 9 | - | 26 | 1,185
Japan | 1,334 | 148 | - | 388 | 5 | - | 1,875
China | 9,952 | 41 | 8 | 490 | - | - | 10,491
Asia, except Japan and China | 1,129 | 174 | 7 | 281 | 87 | 47 | 1,725
Brazil | 754 | 1,132 | 227 | 32 | - | 205 | 2,350
Net operating revenue | 14,368 | 3,144 | 247 | 3,005 | 802 | 403 | 21,969
c) Assets by segment
Assets by segment |  |  |  |  |  |  |  |
| June 30, 2023 | December 31, 2022
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Investments in associates and joint ventures | 1,310 | 12 | 579 | 1,901 | 1,296 | - | 502 | 1,798
Intangibles | 9,054 | 1,886 | 61 | 11,001 | 8,330 | 1,847 | 61 | 10,238
Property, plant and equipment | 27,331 | 18,577 | 2,758 | 48,666 | 24,718 | 17,808 | 2,412 | 44,938
Assets by segment |  |  |  |  |  |  |  |
| Three-month period ended June 30,
| 2023 | 2022
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Depreciation, depletion and amortization | 502 | 262 | 15 | 779 | 497 | 299 | 14 | 810
Capital expenditures |  |  |  |  |  |  |  |
Sustaining capital (i) | 472 | 326 | 34 | 832 | 477 | 343 | 24 | 844
Project execution | 255 | 95 | 26 | 376 | 199 | 90 | 160 | 449
Product inventory | 727 | 421 | 60 | 1,208 | 676 | 433 | 184 | 1,293
| Six-month period ended June 30,
| 2023 | 2022
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Depreciation, depletion and amortization | 905 | 503 | 27 | 1,435 | 913 | 555 | 28 | 1,496
Capital expenditures |  |  |  |  |  |  |  |
Sustaining capital (i) | 984 | 589 | 63 | 1,636 | 976 | 613 | 54 | 1,643
Project execution | 491 | 167 | 44 | 702 | 381 | 157 | 248 | 786
Product inventory | 1,475 | 756 | 107 | 2,338 | 1,357 | 770 | 302 | 2,429
(i) | According to the Company's shareholder remuneration policy, dividends are calculated based on 30% of the adjusted EBITDA less sustaining capital investments.
d) Assets by geographic area
Assets by geographic area |  |
| June 30, 2023 | December 31, 2022
| Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total | Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total
Brazil | 1,889 | 9,119 | 31,653 | 42,661 | 1,798 | 8,391 | 28,210 | 38,399
Canada | - | 1,880 | 11,526 | 13,406 | - | 1,845 | 11,178 | 13,023
Americas, except Brazil and Canada | - | - | 4 | 4 | - | - | 4 | 4
Europe | - | - | 722 | 722 | - | - | 747 | 747
Indonesia | 12 | 1 | 2,759 | 2,772 | - | 1 | 2,731 | 2,732
Asia, except Indonesia and China | - | - | 760 | 760 | - | - | 786 | 786
China | - | 1 | 16 | 17 | - | 1 | 19 | 20
Oman | - | - | 1,226 | 1,226 | - | - | 1,263 | 1,263
Total | 1,901 | 11,001 | 48,666 | 61,568 | 1,798 | 10,238 | 44,938 | 56,974

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