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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables)
 12 Months Ended
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