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