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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies |
|  | As of December 31,
|  | 2021 |  | 2020
At the beginning of the year |  | 471,306 |  |  | 513,648 |
Equity in earnings of non-consolidated companies |  | 400,732 |  |  | 57,555 |
Other comprehensive income |  | (38,441) |  |  | (93,598) |
Dividends from non-consolidated companies |  | (82,122) |  |  | (6,299) |
At the end of the year |  | 751,475 |  |  | 471,306 |
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, 2021 |  | December 31, 2020 |  | December 31, 2021 |  | December 31, 2020
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |  | Brazil |  | Manufacturing and selling of steel products |  | 34.39 | % |  | 34.39 | % |  | 681,711 |  |  | 422,948 |
Techgen S.A. de C.V. |  | Mexico |  | Provision of electric power |  | 48.00 | % |  | 48.00 | % |  | 64,140 |  |  | 42,625 |
Other non-consolidated companies (1) |  |  |  |  |  |  |  |  |  | 5,624 |  |  | 5,733 |
|  |  |  |  |  |  |  |  |  | 751,475 |  |  | 471,306 |
(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.
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, 2021 and 2020, the value of the investment in Usiminas is comprised as follows:
|  | USIMINAS
Value of investment |  | As of December 31, 2021 |  | As of December 31, 2020
At the beginning of the year |  | 422,948 |  |  | 486,643 |
Share of results (1) |  | 379,067 |  |  | 35,580 |
Other comprehensive income |  | (38,680) |  |  | (93,237) |
Dividends |  | (81,624) |  |  | (6,038) |
At the end of the year |  | 681,711 |  |  | 422,948 |
(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 |  | 3,897,381 |
Percentage of interest of the Company over shareholders' equity |  | 20.41 | %
Interest of the Company over shareholders' equity |  | 795,444 |
Purchase price allocation |  | 54,141 |
Goodwill |  | 186,262 |
Impairment |  | (354,136) |
Total Investment in Usiminas |  | 681,711 |
Disclosure of interests in non-consolidated companies, summarized balance sheet |
Summarized balance sheet (in million $) |  | As of December 31, 2021 |  | As of December 31, 2020
Assets |  |  |  |
Non-current |  | 3,491 |  |  | 3,487 |
Current |  | 2,325 |  |  | 1,339 |
Other current investments |  | 75 |  |  | 276 |
Cash and cash equivalents |  | 1,184 |  |  | 661 |
Total Assets |  | 7,075 |  |  | 5,763 |
Liabilities |  |  |  |
Non-current |  | 477 |  |  | 540 |
Non-current borrowings |  | 1,098 |  |  | 1,122 |
Current |  | 1,104 |  |  | 836 |
Current borrowings |  | 31 |  |  | 26 |
Total Liabilities |  | 2,710 |  |  | 2,524 |
Non-controlling interest |  | 468 |  |  | 378 |
Shareholders' equity |  | 3,897 |  |  | 2,861 |
Disclosure of interests in non-consolidated companies, summarized income statement |
Summarized income statement (in million $) |  | Year ended December 31, 2021 |  | Year ended December 31, 2020
Net sales |  | 6,270 |  |  | 3,133 |
Cost of sales |  | (4,168) |  |  | (2,509) |
Gross Profit |  | 2,102 |  |  | 624 |
Selling, general and administrative expenses |  | (199) |  |  | (161) |
Other operating income (loss), net |  | 197 |  |  | 61 |
Operating income |  | 2,100 |  |  | 524 |
Financial expenses, net |  | 158 |  |  | (234) |
Equity in earnings of associated companies |  | 41 |  |  | 30 |
Profit (Loss) before income tax |  | 2,299 |  |  | 320 |
Income tax benefit |  | (426) |  |  | (97) |
Net profit (loss) before non-controlling interest |  | 1,873 |  |  | 223 |
Non-controlling interest in other subsidiaries |  | (185) |  |  | (117) |
Net profit (loss) for the year |  | 1,688 |  |  | 106 |

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