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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies | The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
|  |  |  |  |  | Voting rights at |  | Value at
Company |  | Country of incorporation |  | Main activity |  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2017 |  | December 31, 2016
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |  | Brazil |  | Manufacturing and selling of steel products |  | 34.39 | % |  | 34.39 | % |  | 466,299 |  |  | 411,134 |
Techgen S.A. de C.V. |  | Mexico |  | Provision of electric power |  | 48.00 | % |  | 48.00 | % |  | 6,862 |  |  | 3,444 |
Other non-consolidated companies (1) |  |  |  |  |  |  |  |  |  | 5,187 |  |  | 3,801 |
|  |  |  |  |  |  |  |  |  | 478,348 |  |  | 418,379 |
(1) | It includes the investment held in Finma S.A.I.F., Arhsa S.A., Techinst S.A., Recrotek S.R.L. de C.V. and Gas Industrial de Monterrey S.A. de C.V.
| As of December 31,
| 2017 |  | 2016
At the beginning of the year | 418,379 |  |  | 250,412 |
Equity in earnings (losses) of non-consolidated companies | 68,115 |  |  | 14,624 |
Other comprehensive income | (4,786 | ) |  | 39,077 |
Acquisition of additional shares (note 3) | — |  |  | 114,449 |
Dividends from non-consolidated companies | (3,360 | ) |  | (183 | )
At the end of the year | 478,348 |  |  | 418,379 |
Disclosure of interests in non-consolidated companies, summarized balance sheet |
| USIMINAS
Summarized balance sheet (in million USD) | As of December 31, 2017 |  | As of December 31, 2016
Assets |  |  |
Non-current | 5,662 |  |  | 6,086 |
Current | 1,494 |  |  | 1,277 |
Other current investments | 164 |  |  | 472 |
Cash and cash equivalents | 535 |  |  | 221 |
Total Assets | 7,855 |  |  | 8,056 |
Liabilities |  |  |
Non-current | 637 |  |  | 753 |
Non-current borrowings | 1,707 |  |  | 2,104 |
Current | 622 |  |  | 517 |
Current borrowings | 299 |  |  | 21 |
Total Liabilities | 3,265 |  |  | 3,395 |
Non-controlling interest | 426 |  |  | 508 |
Shareholders' equity | 4,164 |  |  | 4,153 |
Disclosure of interests in non-consolidated companies, summarized income statement |
| USIMINAS
Summarized income statement (in million USD) | As of December 31, 2017 |  | As of December 31, 2016
Net sales | 3,368 |  |  | 2,443 |
Cost of sales | (2,854 | ) |  | (2,292 | )
Gross Profit | 514 |  |  | 151 |
Selling, general and administrative expenses | (206 | ) |  | (180 | )
Other operating income (loss), net | (78 | ) |  | (61 | )
Operating income | 230 |  |  | (90 | )
Financial expenses, net | (145 | ) |  | (17 | )
Equity in earnings of associated companies | 49 |  |  | 40 |
Profit (Loss) before income tax | 134 |  |  | (67 | )
Income tax benefit | (34 | ) |  | (99 | )
Net profit (loss) before non-controlling interest | 100 |  |  | (166 | )
Non-controlling interest in other subsidiaries | (26 | ) |  | (28 | )
Net profit (loss) for the year | 74 |  |  | (194 | )
USINAS SIDEÚRGICAS DE MINAS GERAIS S.A. |
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies | As of December 31, 2017 and 2016, the value of the investment in Usiminas is comprised as follows:
| USIMINAS
Value of investment | As of December 31, 2017 |  | As of December 31, 2016
At the beginning of the year | 411,134 |  |  | 239,960 |
Share of results (1) | 63,030 |  |  | 16,832 |
Other comprehensive income | (4,570 | ) |  | 39,893 |
Dividends | (3,295 | ) |  | — |
Acquisition of additional shares (note 3) | — |  |  | 114,449 |
At the end of the year | 466,299 |  |  | 411,134 |
(1) It includes the adjustment of the values associated to the purchase price allocation. The investment in Usiminas is based in the following calculation:
Usiminas' shareholders' equity | 4,164,086 |
Percentage of interest of the Company over shareholders' equity | 20.47 | %
Interest of the Company over shareholders' equity | 852,263 |
Purchase price allocation | 78,688 |
Goodwill | 314,218 |
Impairment | (778,870 | )
Total Investment in Usiminas | 466,299 |

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