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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables) | 12 Months Ended
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Dec. 31, 2018
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, 2018 |  | December 31, 2017 |  | December 31, 2018 |  | December 31, 2017
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |  | Brazil |  | Manufacturing and selling of steel products |  | 34.39 | % |  | 34.39 | % |  | 480,084 |  |  | 466,299 |
Techgen S.A. de C.V. |  | Mexico |  | Provision of electric power |  | 48.00 | % |  | 48.00 | % |  | 10,291 |  |  | 6,862 |
Other non-consolidated companies (1) |  |  |  |  |  |  |  |  |  | 4,866 |  |  | 5,187 |
|  |  |  |  |  |  |  |  |  | 495,241 |  |  | 478,348 |
(1) | It includes the investment held in Finma S.A.I.F., Techinst S.A., Recrotek S.R.L. de C.V. and Gas Industrial de Monterrey S.A. de C.V.
| As of December 31,
| 2018 |  | 2017
At the beginning of the year | 478,348 |  |  | 418,379 |
Equity in earnings (losses) of non-consolidated companies | 102,772 |  |  | 68,115 |
Other comprehensive income | (77,042 | ) |  | (4,786 | )
Dividends from non-consolidated companies | (8,837 | ) |  | (3,360 | )
At the end of the year | 495,241 |  |  | 478,348 |
Disclosure of interests in non-consolidated companies, summarized income statement |
| USIMINAS
Summarized income statement (in million $) | As of December 31, 2018 |  | As of December 31, 2017
Net sales | 3,766 |  |  | 3,368 |
Cost of sales | (3,154 | ) |  | (2,854 | )
Gross Profit | 612 |  |  | 514 |
Selling, general and administrative expenses | (213 | ) |  | (206 | )
Other operating income (loss), net | (153 | ) |  | (78 | )
Operating income | 246 |  |  | 230 |
Financial expenses, net | 15 |  |  | (145 | )
Equity in earnings of associated companies | 70 |  |  | 49 |
Profit (Loss) before income tax | 331 |  |  | 134 |
Income tax benefit | (110 | ) |  | (34 | )
Net profit (loss) before non-controlling interest | 221 |  |  | 100 |
Non-controlling interest in other subsidiaries | (28 | ) |  | (26 | )
Net profit (loss) for the year | 193 |  |  | 74 |
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, 2018 and 2017, the value of the investment in Usiminas is comprised as follows:
| USIMINAS
Value of investment | As of December 31, 2018 |  | As of December 31, 2017
At the beginning of the year | 466,299 |  |  | 411,134 |
Share of results (1) | 97,733 |  |  | 63,030 |
Other comprehensive income | (75,195 | ) |  | (4,570 | )
Dividends | (8,753 | ) |  | (3,295 | )
At the end of the year | 480,084 |  |  | 466,299 |
(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 | 3,681,815 |
Percentage of interest of the Company over shareholders' equity | 20.43 | %
Interest of the Company over shareholders' equity | 752,048 |
Purchase price allocation | 71,013 |
Goodwill | 268,255 |
Impairment | (611,232 | )
Total Investment in Usiminas | 480,084 |
Disclosure of interests in non-consolidated companies, summarized balance sheet |
| USIMINAS
Summarized balance sheet (in million $) | As of December 31, 2018 |  | As of December 31, 2017
Assets |  |  |
Non-current | 4,697 |  |  | 5,662 |
Current | 1,711 |  |  | 1,494 |
Other current investments | 151 |  |  | 164 |
Cash and cash equivalents | 286 |  |  | 535 |
Total Assets | 6,845 |  |  | 7,855 |
Liabilities |  |  |
Non-current | 544 |  |  | 637 |
Non-current borrowings | 1,389 |  |  | 1,707 |
Current | 740 |  |  | 622 |
Current borrowings | 121 |  |  | 299 |
Total Liabilities | 2,794 |  |  | 3,265 |
Non-controlling interest | 369 |  |  | 426 |
Shareholders' equity | 3,682 |  |  | 4,164 |

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