Schedule of net exposure
	June 30, 2024	December 31, 2023
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap	(57)	79
IPCA swap	(57)	(41)
Dollar swap and forward transactions	130	650
SOFR swap	16	(24)
Treasury forwards	(6)	-
	26	664
Commodities price risk
Gasoil, Brent and freight	16	30
Energy Transition Metals	(4)	(8)
	12	22

Other	(1)	(2)

Total	37	684


	Financial settlement inflows (outflows)
	Six-month period ended June 30,
	2024	2023
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap	1	(8)
IPCA swap	(4)	3
Dollar swap and forward operations	117	118
LIBOR swap	-	4
SOFR swap	4	-
Treasury forwards	(3)	13
	115	130
Commodities price risk
Gasoil, Brent and freight	12	3
Energy Transition Metals	(3)	5
	9	8

Derivatives designated as cash flow hedge accounting
Nickel	-	34
	-	34
Total	124	172


Instrument	Instrument's main risk events	Fair value	Scenario I (∆ of 25%)	Scenario II (∆ of 50%)
CDI vs. US$ fixed rate swap	R$ depreciation	(16)	(277)	(538)
	US$ interest rate inside Brazil decrease	(16)	(47)	(81)
	Brazilian interest rate increase	(16)	(41)	(65)
Protected item: R$ denominated liabilities	R$ depreciation	n.a.	-	-

TJLP vs. US$ fixed rate swap	R$ depreciation	(41)	(76)	(112)
	US$ interest rate inside Brazil decrease	(41)	(45)	(50)
	Brazilian interest rate increase	(41)	(46)	(51)
	TJLP interest rate decrease	(41)	(44)	(48)
Protected item: R$ denominated debt	R$ depreciation	n.a.	-	-

IPCA swap vs. US$ fixed rate swap	R$ depreciation	(57)	(112)	(167)
	US$ interest rate inside Brazil decrease	(57)	(63)	(70)
	Brazilian interest rate increase	(57)	(65)	(74)
	IPCA index decrease	(57)	(61)	(65)
Protected item: R$ denominated debt	R$ depreciation	n.a.	-	-

R$ fixed rate vs. US$ fixed rate swap	R$ depreciation	187	(459)	(1,104)
	US$ interest rate inside Brazil decrease	187	158	127
	Brazilian interest rate increase	187	136	88
Protected item: R$ denominated debt	R$ depreciation	n.a.	-	-

Forward	R$ depreciation	(57)	(436)	(814)
	US$ interest rate inside Brazil decrease	(57)	(57)	(57)
	Brazilian interest rate increase	(57)	(57)	(57)
Protected item: R$ denominated liabilities	R$ depreciation	n.a.	-	-

Schedule of sensitivity analysis
Instrument	Instrument's main risk events	Fair value	Scenario I (∆ of 25%)	Scenario II (∆ of 50%)
SOFR vs. US$ fixed rate swap	US$ SOFR decrease	16	(36)	(91)
Protected item: SOFR US$ indexed debt	US$ SOFR decrease	n.a	36	91


Instrument	Instrument's main risk events	Fair value	Scenario I (∆ of 25%)	Scenario II (∆ of 50%)
NDF Tresury	Treasury increase	(6)	(46)	(81)
Protected item: Treasury US$ indexed bonds	Treasury increase	N/A	46	81


Instrument	Instrument's main risk events	Fair value	Scenario I (∆ of 25%)	Scenario II (∆ of 50%)
Brent crude oil (bbl)
Options	Price input decrease	12	(14)	(214)
Protected item: Part of costs linked to fuel oil prices	Price input decrease	n.a.	14	214

Forward Freight Agreement (days)
Forwards	Freight price decrease	4	2	(1)
Protected item: Part of costs linked to maritime freight prices	Freight price decrease	n.a.	(2)	1


Instrument	Instrument's main risk events	Fair value	Scenario I (∆ of 25%)	Scenario II (∆ of 50%)
Fixed price sales protection (ton)
Forwards	Nickel price decrease	(4)	(19)	(33)
Protected item: Part of nickel revenues with fixed prices	Nickel price decrease	n.a.	19	33

Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)
Embedded derivatives - Gas purchase	Pellet price increase	(1)	(4)	(10)


	June 30, 2024		December 31, 2023
	Cash and cash equivalents and investment	Derivatives	Cash and cash equivalents and investment	Derivatives
Aa2	706	1	338	-
Aa3	-	1	42	-
A1	2,587	26	2,022	50
A2	608	104	309	293
A3	1,146	3	186	22
Baa1	-	-	2	-
Baa2	20	-	16	-
Ba1 (i)	100	-	85	-
Ba2 (i)	782	99	287	314
Ba3 (i)	591	43	373	136
	6,540	277	3,660	815

(i) A substantial part of the balances is held with financial institutions in Brazil which are deemed investment grade in local currency.