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Related parties

12 Months Ended

Dec. 31, 2024

Notes and other explanatory information [abstract]

32. Related parties

The Company’s related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.

Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions that are no less favorable to the Company than those arranged with third parties.

Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable lease payments of the pelletizing plants.

Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.

a) Transactions with related parties


	Year ended December 31,
	2024			2023			2022
	Net operating revenue	Cost and operating expenses	Financial result	Net operating revenue	Cost and operating expenses	Financial result	Net operating revenue	Cost and operating expenses	Financial result
Joint Ventures
Companhia Siderúrgica do Pecém	-	-	-	93	-	-	434	-	(3)
Aliança Geração de Energia S.A.	-	(63)	-	-	(126)	-	-	(121)	-
Pelletizing companies (i)	-	(308)	(26)	-	(227)	(38)	-	(337)	(34)
MRS Logística S.A.	-	(429)	-	-	(453)	-	1	(397)	-
Norte Energia S.A.	-	(66)	-	-	(107)	-	-	(135)	-
Other	29	(72)	(3)	32	(10)	1	41	(8)	-
	29	(938)	(29)	125	(923)	(37)	476	(998)	(37)
Associates
VLI	359	(26)	(2)	321	(29)	(3)	289	(26)	(3)
PTVI	-	(397)	-	-	-	-	-	-	-
Other	-	(2)	3	-	(1)	-	1	-	-
	359	(425)	1	321	(30)	(3)	290	(26)	(3)
Shareholders
Cosan	3	(4)	-	10	(11)	-	-	-	-
Bradesco	-	-	(416)	-	-	201	-	-	381
Mitsui	247	-	-	280	-	-	416	-	-
Banco do Brasil	-	-	1	-	-	-		-	3
	250	(4)	(415)	290	(11)	201	416	-	384
Total	638	(1,367)	(443)	736	(964)	161	1,182	(1,024)	344

(i)

Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

b) Outstanding balances with related parties


	Assets
	December 31, 2024			December 31, 2023
	Cash and cash equivalents	Accounts receivable	Dividends receivable and other assets	Cash and cash equivalents	Accounts receivable	Dividends receivable and other assets
Joint Ventures
Pelletizing companies (i)	-	-	34	-	-	27
MRS Logística S.A.	-	13	32	-	16	34
Other	-	5	-	-	4	43
	-	18	66	-	20	104
Associates
VLI	-	19	-	-	46	-
Other	-	-	1	-	1	2
	-	19	1	-	47	2
Shareholders
Cosan	-	3	-	-	1	-
Bradesco	261	-	16	176	-	313
Banco do Brasil	22	-	-	58	-	-
Mitsui	-	7	-	-	5	-
	283	10	16	234	6	313
Pension plan	-	16	-	-	16	-
Total	283	63	83	234	89	419

(i)


	Liabilities
	December 31, 2024		December 31, 2023
	Supplier and contractors	Financial instruments and other liabilities	Supplier and contractors	Financial instruments and other liabilities
Joint Ventures
Pelletizing companies (i)	49	291	51	290
MRS Logística S.A.	32	-	48	-
Other	66	-	39	-
	147	291	138	290
Associates
VLI	2	47	1	59
PTVI	67	-	-	-
Other	2	-	4	-
	71	47	5	59
Shareholders
Cosan	1	-	1	-
Bradesco	-	163	-	23
	1	163	1	23
Pension plan	11	-	14	-
Total	230	501	158	372

(i)

c) Key management personnel compensation


	Year ended December 31,
	2024	2023	2022
Short-term benefits
Wages	10	11	10
Direct and indirect benefits	1	1	2
Profit sharing program (“PLR”)	11	11	12
Total short-term benefits	22	23	24
Long-term benefits
Shares based	10	14	18

Severance	3	2	2
Total short and long-term benefits	35	39	44