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Information by business segment and geographic area (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes and other explanatory information [abstract] |
Schedule of adjusted EBITDA |
Schedule of adjusted EBITDA |  |  |  |
|  | Year ended December 31,
| Notes | 2023 | 2022 | 2021
Iron ore (i) |  | 14,888 | 15,670 | 26,471
Iron ore pellets |  | 3,122 | 3,653 | 4,873
Other ferrous products and services |  | 117 | 120 | 136
Iron Ore Solutions |  | 18,127 | 19,443 | 31,480
Nickel |  | 851 | 1,924 | 1,576
Copper |  | 1,100 | 569 | 1,617
Energy Transition Metals |  | 1,951 | 2,493 | 3,193
Other (ii) |  | (2,117) | (2,176) | (3,330)
Adjusted EBITDA from continuing operations |  | 17,961 | 19,760 | 31,343
Depreciation, depletion and amortization |  | (3,070) | (3,171) | (3,034)
Impairment reversal (impairment) and results on disposal of non-current assets, net and other (ii) | 16 and 19 | (482) | 773 | (426)
Dividends received and interest from associates and joint ventures (iii) |  | (204) | (154) | (190)
Operating income |  | 14,205 | 17,208 | 27,693
Equity results and other results in associates and joint ventures | 15 | (1,108) | 305 | (1,271)
Financial results | 6 | (1,946) | 2,268 | 3,119
Income before income taxes |  | 11,151 | 19,781 | 29,541
(i) Includes the reclassification of the EBITDA of Midwestern System from the Iron Ore Solutions segment to “Other” in the amounts of US$77 and US$109 for the years ended December 31, 2022 and December 31, 2021, respectively. (ii) Includes adjustments of US$216 for the year ended December 31, 2023, to reflect the performance of the streaming transactions at market prices. (iii) In 2022, the Company received US$65 in dividends from California Steel Industries related to the sale transaction of this investment, which was treated as part of the result of the transaction (note 16h) and, therefore, this amount was not included in the adjusted EBITDA.
|  | Year ended December 31,
| Notes | 2023 | 2022 | 2021
Adjusted EBITDA from discontinued operations (coal) |  | - | 171 | (189)
Depreciation, depletion and amortization |  | - | - | (69)
Impairment and results on disposals of non-current assets, net |  | - | (589) | (3,282)
Dividends received and interest from associates and joint ventures |  | - | - | (78)
Operating loss | 16(l) | - | (418) | (3,618)
Equity results and other results in associates and joint ventures |  | - | - | (26)
Financial results |  | - | 3,065 | 447
Derecognition of noncontrolling interest |  | - | (585) | -
Income (loss) before income taxes from discontinued operations (coal) | 16(l) | - | 2,062 | (3,197)
Schedule of net operating revenue by shipment destination |
Schedule of net operating revenue by shipment destination |  |  |  |  |  |  |
| Year ended December 31, 2023
| Iron Ore Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
China | 20,641 | 2 | - | 642 | 292 | - | 21,577
Japan | 2,356 | 279 | 1 | 583 | - | - | 3,219
Asia, except Japan and China | 2,111 | 407 | 10 | 513 | 267 | - | 3,308
Brazil | 1,370 | 1,684 | 502 | 63 | - | 136 | 3,755
United States of America | - | 262 | - | 1,361 | - | - | 1,623
Americas, except United States and Brazil | 1 | 398 | 1 | 456 | 41 | - | 897
Germany | 244 | 55 | 2 | 458 | 592 | - | 1,351
Europe, except Germany | 1,037 | 374 | - | 1,082 | 1,184 | - | 3,677
Middle East, Africa, and Oceania | - | 2,342 | - | 35 | - | - | 2,377
Net operating revenue | 27,760 | 5,803 | 516 | 5,193 | 2,376 | 136 | 41,784
| Year ended December 31, 2022
| Iron Ore Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
China | 20,545 | 41 | 7 | 1,538 | 72 | - | 22,203
Japan | 2,557 | 208 | - | 765 | 5 | - | 3,535
Asia, except Japan and China | 2,028 | 393 | 13 | 484 | 154 | 47 | 3,119
Brazil | 1,305 | 1,997 | 447 | 60 | - | 328 | 4,137
United States of America | - | 218 | - | 1,425 | - | - | 1,643
Americas, except United States and Brazil | - | 472 | 5 | 597 | - | 125 | 1,199
Germany | 357 | 16 | - | 597 | 551 | - | 1,521
Europe, except Germany | 1,396 | 317 | - | 1,126 | 997 | - | 3,836
Middle East, Africa, and Oceania | - | 2,594 | - | 27 | - | 25 | 2,646
Net operating revenue | 28,188 | 6,256 | 472 | 6,619 | 1,779 | 525 | 43,839
| Year ended December 31, 2021
| Iron Ore Solutions | Energy Transition Metals |  |
| Iron ore (i) | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
China | 27,296 | 159 | 55 | 904 | 189 | - | 28,603
Japan | 3,489 | 488 | - | 514 | 32 | - | 4,523
Asia, except Japan and China | 2,998 | 515 | 23 | 592 | 373 | - | 4,501
Brazil | 1,778 | 2,417 | 425 | 55 | - | 489 | 5,164
United States of America | 23 | 369 | - | 1,151 | - | - | 1,543
Americas, except United States and Brazil | 5 | 725 | 29 | 362 | 40 | 122 | 1,283
Germany | 558 | 48 | 12 | 657 | 759 | - | 2,034
Europe, except Germany | 2,175 | 194 | 4 | 1,126 | 1,197 | - | 4,696
Middle East, Africa, and Oceania | 2 | 2,138 | - | 15 | - | - | 2,155
Net operating revenue | 38,324 | 7,053 | 548 | 5,376 | 2,590 | 611 | 54,502
(i) | Includes the reclassification of the revenues of Midwestern System from the Iron Ore Solutions segment to “Other” in the amounts of US$231 and US$377 for the years ended December 31, 2022 and December 31, 2021, respectively.
Schedule of asset by segment |
Schedule of asset by segment |  |  |  |  |  |  |  |
| December 31, 2023 | December 31, 2022
| Iron Ore Solutions | Energy Transition Metals | Other | Total | Iron Ore Solutions | Energy Transition Metals | Other | Total
Investments in associates and joint ventures | 1,349 | - | 523 | 1,872 | 1,296 | - | 502 | 1,798
Property, plant and equipment and intangibles | 38,376 | 18,341 | 3,310 | 60,027 | 33,048 | 19,655 | 2,473 | 55,176
Capital expenditures |  |  |  |  |  |  |  |
Sustaining capital (i) | 2,539 | 1,610 | 120 | 4,269 | 2,236 | 1,521 | 102 | 3,859
Project execution | 1,219 | 358 | 74 | 1,651 | 866 | 338 | 383 | 1,587
Product inventory | 3,758 | 1,968 | 194 | 5,920 | 3,102 | 1,859 | 485 | 5,446
(i) | According to the Company's shareholders remuneration policy, dividends are calculated based on 30% of the adjusted EBITDA less sustaining capital investments. The calculation also considered the investments made on the coal discontinued operation (note 16l), which was US$38 for the year ended December 31, 2022.
Schedule of assets by geographic area |
Schedule of assets by geographic area |  |  |  |  |  |  |  |
| December 31, 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 | 1,872 | 9,822 | 33,769 | 45,463 | 1,798 | 8,391 | 28,210 | 38,399
Canada | - | 1,808 | 11,890 | 13,698 | - | 1,845 | 11,178 | 13,023
Americas, except Brazil and Canada | - | - | 4 | 4 | - | - | 4 | 4
Indonesia (i) | - | - | 59 | 59 | - | 1 | 2,731 | 2,732
China | - | 1 | 14 | 15 | - | 1 | 19 | 20
Asia, except Indonesia and China | - | - | 731 | 731 | - | - | 786 | 786
Europe | - | - | 678 | 678 | - | - | 747 | 747
Oman | - | - | 1,251 | 1,251 | - | - | 1,263 | 1,263
Total | 1,872 | 11,631 | 48,396 | 61,899 | 1,798 | 10,238 | 44,938 | 56,974
(i) | The reduction refers substantially to the reclassification of PTVI's assets presented in these financial statements as “held for sale” in accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations.

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