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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of unconsolidated structured entities [line items]  
Disclosure of interest in non-consolidated companies
As of December 31,
20212020
At the beginning of the year471,306 513,648 
Equity in earnings of non-consolidated companies400,732 57,555 
Other comprehensive income(38,441)(93,598)
Dividends from non-consolidated companies(82,122)(6,299)
At the end of the year751,475 471,306 

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, 2021December 31, 2020December 31, 2021December 31, 2020
Usinas Siderurgicas de Minas Gerais S.A. - USIMINASBrazilManufacturing and selling of steel products34.39 %34.39 %681,711 422,948 
Techgen S.A. de C.V.MexicoProvision of electric power48.00 %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 investmentAs of December 31, 2021As of December 31, 2020
At the beginning of the year422,948 486,643 
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 year681,711 422,948 
(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' equity3,897,381 
Percentage of interest of the Company over shareholders' equity20.41 %
Interest of the Company over shareholders' equity795,444 
Purchase price allocation54,141 
Goodwill186,262 
Impairment(354,136)
Total Investment in Usiminas681,711 
Disclosure of interests in non-consolidated companies, summarized balance sheet
Summarized balance sheet (in million $)As of December 31, 2021As of December 31, 2020
Assets
Non-current3,491 3,487 
Current2,325 1,339 
Other current investments75 276 
Cash and cash equivalents1,184 661 
Total Assets7,075 5,763 
Liabilities
Non-current477 540 
Non-current borrowings1,098 1,122 
Current1,104 836 
Current borrowings31 26 
Total Liabilities2,710 2,524 
Non-controlling interest468 378 
Shareholders' equity3,897 2,861 
Disclosure of interests in non-consolidated companies, summarized income statement
Summarized income statement (in million $)Year ended December 31, 2021Year ended December 31, 2020
Net sales6,270 3,133 
Cost of sales(4,168)(2,509)
Gross Profit2,102 624 
Selling, general and administrative expenses(199)(161)
Other operating income (loss), net197 61 
Operating income2,100 524 
Financial expenses, net158 (234)
Equity in earnings of associated companies41 30 
Profit (Loss) before income tax2,299 320 
Income tax benefit(426)(97)
Net profit (loss) before non-controlling interest1,873 223 
Non-controlling interest in other subsidiaries(185)(117)
Net profit (loss) for the year1,688 106