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v3.25.2

Financial and capital risk management (Tables) | 6 Months Ended
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Jun. 30, 2025
Notes and other explanatory information [abstract] |
Schedule of derivatives effects on statement of financial position |
Schedule of derivatives effects on statement of financial position |  |  |  |
| June 30, 2025 | December 31, 2024
| Assets | Liabilities | Assets | Liabilities
Foreign exchange and interest rate risk | 646 | 169 | 52 | 601
Commodities price risk | 57 | 59 | 16 | 23
Embedded derivatives | – | – | – | 1
Total | 703 | 228 | 68 | 625
Schedule of net exposure |
Schedule of net exposure |  |
| June 30, 2025 | December 31, 2024
Foreign exchange and interest rate risk | 477 | (549)
Commodities price risk | (2) | (7)
Embedded derivatives | – | (1)
Total | 475 | (557)
Schedule of effects of derivatives on income |
Schedule of effects of derivatives on income |  |  |  |
| Gain (loss) recognized in the income statement
| Three-month period ended June 30, | Six-month period ended June 30,
| 2025 | 2024 | 2025 | 2024
Foreign exchange and interest rate risk | 557 | (455) | 1,321 | (469)
Commodities price risk | (9) | (18) | (9) | (1)
Embedded derivatives | – | 2 | 1 | 1
Total | 548 | (471) | 1,313 | (469)
Schedule of effects of derivatives on cash flows |
Schedule of effects of derivatives on cash flows |  |
| Financial settlement inflows (outflows)
| Six-month period ended June 30,
| 2025 | 2024
Foreign exchange and interest rate risk | 297 | 115
Commodities price risk | (14) | 9
Total | 283 | 124
Schedule of foreign exchange and interest rates volatility |
Schedule of foreign exchange and interest rates volatility |  |  |  |  |  |  |
| Notional | Fair value | Fair value by year
Flow | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | 2025 | 2026 | 2027+
Foreign Exchange and Interest Rate Derivatives | US$ 9,719 | US$ 11,490 | 477 | (549) | 222 | 165 | 90
Schedule of sensitivity analysis financial instruments |
Schedule of sensitivity analysis financial instruments |  |  |
Instrument's main risk events | Fair value | Scenario I (∆ de 25%) | Scenario II (∆ de 50%)
R$ depreciation | 477 | (1,125) | (2,728)
US$ interest rate inside Brazil decrease | 477 | 316 | 130
Brazilian interest rate increase | 477 | 89 | (227)
TJLP interest rate decrease | 477 | 475 | 472
IPCA index decrease | 477 | 236 | 26
SOFR interest rate decrease | 477 | 442 | 405
US Treasury rate increase | 477 | 478 | 478
Schedule of protection program for product price |
Schedule of protection program for product price |  |  |  |  |  |  |
| Notional | Fair value | Fair value by year
Flow | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | 2025 | 2026 | 2027+
Brent crude oil (bbl) |  |  |  |  |  |  |
Options | 18,954,750 | 24,050,625 | 6 | 11 | (10) | 16 | –
Forward Freight Agreement (days) |  |  |  |  |  |  |
Freight forwards | 4,380 | 3,240 | (5) | (11) | (4) | (1) | –
Fixed price nickel sales protection (ton) |  |  |  |  |  |  |
Nickel forwards | 3,478 | 4,978 | (3) | (7) | (3) | – | –
Schedule of derivative financial instruments |
Schedule of derivative financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
Brent crude oil (bbl) | Decrease in fuel oil price | 6 | (139) | (390)
Forward Freight Agreement (days) | Decrease in freight price | (5) | (25) | (45)
Hedge for fixed-price nickel sales (tons) | Decrease in nickel price | (3) | (16) | (29)
Schedule of embedded derivatives |
Schedule of embedded derivatives |  |  |  |  |  |  |
| Notional | Fair value | Fair value by year
Flow | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | 2025 | 2026 | 2027+
Embedded derivative (pellet price) in natural gas purchase (volume/month) |  |  |  |  |  |  |
Call options | 746,667 | 746,667 | – | (1) | – | – | –
Schedule of sensitivity analysis of other derivatives financial instruments |
Schedule of sensitivity analysis of other derivatives financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ de 25%) | Scenario II (∆ de 50%)
Embedded derivative (pellet price) in natural gas purchase agreement (volume/month) |  |  |  |
Embedded derivatives - Gas purchase | Pellet price increase | – | – | (1)
Schedule of effects of derivatives on other comprehensive income |
Schedule of effects of derivatives on other comprehensive income |  |  |  |
| Gain (loss) recognized in the other comprehensive income
| Three-month period ended June 30, | Six-month period ended June 30,
| 2025 | 2024 | 2025 | 2024
Net investments hedge | 115 | (202) | 286 | (258)
Schedule of ratings published by Moody's regarding the main financial institutions |
Schedule of ratings published by Moody's regarding the main financial institutions |  |  |  |
| June 30, 2025 | December 31, 2024
| Cash and cash equivalents and investment | Derivatives | Cash and cash equivalents and investment | Derivatives
Aa2 | 592 | 6 | 391 | 1
A1 | 1,944 | 155 | 1,874 | 28
A2 | 491 | 87 | 520 | 13
A3 | 994 | 50 | 709 | 2
Baa1 | – | – | 1 | –
Baa2 | 6 | – | 4 | –
Ba1 (i) | 765 | 221 | 719 | 18
Ba2 (i) | 904 | 184 | 788 | 6
| 5,696 | 703 | 5,006 | 68
(i) A substantial part of the balances is held with financial institutions in Brazil which are deemed investment grade in local currency.

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