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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies |
|  | As of December 31,
|  | 2022 |  | 2021
At the beginning of the year |  | 751,475 |  |  | 471,306 |
Equity in earnings of non-consolidated companies |  | 37,114 |  |  | 400,732 |
Other comprehensive income |  | 48,475 |  |  | (38,441) |
Dividends from non-consolidated companies |  | (15,493) |  |  | (82,122) |
At the end of the year |  | 821,571 |  |  | 751,475 |
The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
|  | Country of incorporation |  | Main activity |  | Voting rights at |  | Value at
|  |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |  | Brazil |  | Manufacturing and selling of steel products |  | 34.39 | % |  | 34.39 | % |  | 725,705 |  |  | 681,711 |
Techgen S.A. de C.V. |  | Mexico |  | Provision of electric power |  | 48.00 | % |  | 48.00 | % |  | 90,559 |  |  | 64,140 |
Other non-consolidated companies (1) |  |  |  |  |  |  |  |  |  | 5,307 |  |  | 5,624 |
|  |  |  |  |  |  |  |  |  | 821,571 |  |  | 751,475 |
(1) It includes the investment held in Finma S.A.I.F., Recrotek S.R.L. de C.V. and Gas Industrial de Monterrey S.A. de C.V.
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS |
Disclosure of unconsolidated structured entities [line items] |
Disclosure of interest in non-consolidated companies | As of December 31, 2022 and 2021, the value of the investment in Usiminas is comprised as follows:
|  | USIMINAS
Value of investment |  | As of December 31, 2022 |  | As of December 31, 2021
At the beginning of the year |  | 681,711 |  |  | 422,948 |
Share of results (1) |  | 130,696 |  |  | 379,067 |
Other comprehensive income |  | 48,145 |  |  | (38,680) |
Dividends |  | (14,487) |  |  | (81,624) |
Impairment charge (note 3 (f)) |  | (120,360) |  |  | — |
At the end of the year |  | 725,705 |  |  | 681,711 |
(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 |  | 4,437,784 |
Percentage of interest of the Company over shareholders' equity |  | 20.40 | %
Interest of the Company over shareholders' equity |  | 905,444 |
Purchase price allocation |  | 56,255 |
Goodwill |  | 199,213 |
Impairment |  | (435,207) |
Total Investment in Usiminas |  | 725,705 |
Disclosure of interests in non-consolidated companies, summarized balance sheet |
Summarized balance sheet (in million $) |  | As of December 31, 2022 |  | As of December 31, 2021
Assets |  |  |  |
Non-current |  | 3,764 |  |  | 3,491 |
Current |  | 2,930 |  |  | 2,325 |
Other current investments |  | 413 |  |  | 75 |
Cash and cash equivalents |  | 559 |  |  | 1,184 |
Total Assets |  | 7,666 |  |  | 7,075 |
Liabilities |  |  |  |
Non-current |  | 508 |  |  | 477 |
Non-current borrowings |  | 1,163 |  |  | 1,098 |
Current |  | 1,009 |  |  | 1,104 |
Current borrowings |  | 25 |  |  | 31 |
Total Liabilities |  | 2,705 |  |  | 2,710 |
Non-controlling interest |  | 523 |  |  | 468 |
Shareholders' equity |  | 4,438 |  |  | 3,897 |
Disclosure of interests in non-consolidated companies, summarized income statement |
Summarized income statement (in million $) |  | Year ended December 31, 2022 |  | Year ended December 31, 2021
Net sales |  | 6,297 |  |  | 6,270 |
Cost of sales |  | (5,187) |  |  | (4,168) |
Gross Profit |  | 1,110 |  |  | 2,102 |
Selling, general and administrative expenses |  | (237) |  |  | (199) |
Other operating income (loss), net |  | (386) |  |  | 197 |
Operating income |  | 487 |  |  | 2,100 |
Financial expenses, net |  | 114 |  |  | 158 |
Equity in earnings of associated companies |  | 43 |  |  | 41 |
Profit (Loss) before income tax |  | 644 |  |  | 2,299 |
Income tax benefit |  | (231) |  |  | (426) |
Net profit (loss) before non-controlling interest |  | 413 |  |  | 1,873 |
Non-controlling interest in other subsidiaries |  | (93) |  |  | (185) |
Net profit (loss) for the year |  | 320 |  |  | 1,688 |

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