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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of unconsolidated structured entities [line items]  
Disclosure of interest in non-consolidated companies
As of December 31,
20202019
At the beginning of the year513,648 495,241 
Equity in earnings of non-consolidated companies57,555 60,967 
Other comprehensive income(93,598)(39,449)
Dividends from non-consolidated companies(6,299)(3,111)
At the end of the year471,306 513,648 

The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
CompanyCountry of incorporationMain activityVoting rights atValue at
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Usinas Siderurgicas de Minas Gerais S.A. - USIMINASBrazilManufacturing and selling of steel products34.39 %34.39 %422,948 486,643 
Techgen S.A. de C.V.MexicoProvision of electric power48.00 %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, 2020Year ended December 31, 2019
Net sales3,133 3,790 
Cost of sales(2,509)(3,312)
Gross Profit624 478 
Selling, general and administrative expenses(161)(181)
Other operating income (loss), net61 (100)
Operating income524 197 
Financial expenses, net(234)(132)
Equity in earnings of associated companies30 46 
Profit (Loss) before income tax320 111 
Income tax benefit(97)(16)
Net profit (loss) before non-controlling interest223 95 
Non-controlling interest in other subsidiaries(117)(41)
Net profit (loss) for the year106 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 investmentAs of December 31, 2020As of December 31, 2019
At the beginning of the year486,643 480,084 
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 year422,948 486,643 
(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' equity2,860,944 
Percentage of interest of the Company over shareholders' equity20.41 %
Interest of the Company over shareholders' equity583,799 
Purchase price allocation46,664 
Goodwill200,018 
Impairment(407,533)
Total Investment in Usiminas422,948 
Disclosure of interests in non-consolidated companies, summarized balance sheet
Summarized balance sheet (in million $)As of December 31, 2020As of December 31, 2019
Assets
Non-current3,487 4,336 
Current1,339 1,721 
Other current investments276 166 
Cash and cash equivalents661 311 
Total Assets5,763 6,534 
Liabilities
Non-current540 718 
Non-current borrowings1,122 1,237 
Current836 687 
Current borrowings26 30 
Total Liabilities2,524 2,672 
Non-controlling interest378 378 
Shareholders' equity2,861 3,484