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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies |
|  | As of December 31,
|  | 2020 |  | 2019
At the beginning of the year |  | 513,648 |  |  | 495,241 |
Equity in earnings of non-consolidated companies |  | 57,555 |  |  | 60,967 |
Other comprehensive income |  | (93,598) |  |  | (39,449) |
Dividends from non-consolidated companies |  | (6,299) |  |  | (3,111) |
At the end of the year |  | 471,306 |  |  | 513,648 |
The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
Company |  | Country of incorporation |  | Main activity |  | Voting rights at |  | Value at
|  |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |  | Brazil |  | Manufacturing and selling of steel products |  | 34.39 | % |  | 34.39 | % |  | 422,948 |  |  | 486,643 |
Techgen S.A. de C.V. |  | Mexico |  | Provision of electric power |  | 48.00 | % |  | 48.00 | % |  | 42,625 |  |  | 21,573 |
Other non-consolidated companies (1) |  |  |  |  |  |  |  |  |  | 5,733 |  |  | 5,432 |
|  |  |  |  |  |  |  |  |  | 471,306 |  |  | 513,648 |
(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.
Disclosure of interests in non-consolidated companies, summarized income statement |
Summarized income statement (in million $) |  | Year ended December 31, 2020 |  | Year ended December 31, 2019
Net sales |  | 3,133 |  |  | 3,790 |
Cost of sales |  | (2,509) |  |  | (3,312) |
Gross Profit |  | 624 |  |  | 478 |
Selling, general and administrative expenses |  | (161) |  |  | (181) |
Other operating income (loss), net |  | 61 |  |  | (100) |
Operating income |  | 524 |  |  | 197 |
Financial expenses, net |  | (234) |  |  | (132) |
Equity in earnings of associated companies |  | 30 |  |  | 46 |
Profit (Loss) before income tax |  | 320 |  |  | 111 |
Income tax benefit |  | (97) |  |  | (16) |
Net profit (loss) before non-controlling interest |  | 223 |  |  | 95 |
Non-controlling interest in other subsidiaries |  | (117) |  |  | (41) |
Net profit (loss) for the year |  | 106 |  |  | 54 |
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, 2020 and 2019, the value of the investment in Usiminas is comprised as follows:
|  | USIMINAS
Value of investment |  | As of December 31, 2020 |  | As of December 31, 2019
At the beginning of the year |  | 486,643 |  |  | 480,084 |
Share of results (1) |  | 35,580 |  |  | 48,502 |
Other comprehensive income |  | (93,237) |  |  | (38,896) |
Dividends |  | (6,038) |  |  | (3,047) |
At the end of the year |  | 422,948 |  |  | 486,643 |
(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 |  | 2,860,944 |
Percentage of interest of the Company over shareholders' equity |  | 20.41 | %
Interest of the Company over shareholders' equity |  | 583,799 |
Purchase price allocation |  | 46,664 |
Goodwill |  | 200,018 |
Impairment |  | (407,533) |
Total Investment in Usiminas |  | 422,948 |
Disclosure of interests in non-consolidated companies, summarized balance sheet |
Summarized balance sheet (in million $) |  | As of December 31, 2020 |  | As of December 31, 2019
Assets |  |  |  |
Non-current |  | 3,487 |  |  | 4,336 |
Current |  | 1,339 |  |  | 1,721 |
Other current investments |  | 276 |  |  | 166 |
Cash and cash equivalents |  | 661 |  |  | 311 |
Total Assets |  | 5,763 |  |  | 6,534 |
Liabilities |  |  |  |
Non-current |  | 540 |  |  | 718 |
Non-current borrowings |  | 1,122 |  |  | 1,237 |
Current |  | 836 |  |  | 687 |
Current borrowings |  | 26 |  |  | 30 |
Total Liabilities |  | 2,524 |  |  | 2,672 |
Non-controlling interest |  | 378 |  |  | 378 |
Shareholders' equity |  | 2,861 |  |  | 3,484 |

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