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INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of unconsolidated structured entities [line items]  
Disclosure of interest in non-consolidated companies
As of December 31,
20222021
At the beginning of the year751,475 471,306 
Equity in earnings of non-consolidated companies37,114 400,732 
Other comprehensive income48,475 (38,441)
Dividends from non-consolidated companies(15,493)(82,122)
At the end of the year821,571 751,475 

The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
Country of incorporationMain activityVoting rights atValue at
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Usinas Siderurgicas de Minas Gerais S.A. - USIMINASBrazilManufacturing and selling of steel products34.39 %34.39 %725,705 681,711 
Techgen S.A. de C.V.MexicoProvision of electric power48.00 %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 investmentAs of December 31, 2022As of December 31, 2021
At the beginning of the year681,711 422,948 
Share of results (1)130,696 379,067 
Other comprehensive income48,145 (38,680)
Dividends(14,487)(81,624)
Impairment charge (note 3 (f))(120,360)— 
At the end of the year725,705 681,711 
(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' equity4,437,784 
Percentage of interest of the Company over shareholders' equity20.40 %
Interest of the Company over shareholders' equity905,444 
Purchase price allocation56,255 
Goodwill199,213 
Impairment(435,207)
Total Investment in Usiminas725,705 
Disclosure of interests in non-consolidated companies, summarized balance sheet
Summarized balance sheet (in million $)As of December 31, 2022As of December 31, 2021
Assets
Non-current3,764 3,491 
Current2,930 2,325 
Other current investments413 75 
Cash and cash equivalents559 1,184 
Total Assets7,666 7,075 
Liabilities
Non-current508 477 
Non-current borrowings1,163 1,098 
Current1,009 1,104 
Current borrowings25 31 
Total Liabilities2,705 2,710 
Non-controlling interest523 468 
Shareholders' equity4,438 3,897 
Disclosure of interests in non-consolidated companies, summarized income statement
Summarized income statement (in million $)Year ended December 31, 2022Year ended December 31, 2021
Net sales6,297 6,270 
Cost of sales(5,187)(4,168)
Gross Profit1,110 2,102 
Selling, general and administrative expenses(237)(199)
Other operating income (loss), net(386)197 
Operating income487 2,100 
Financial expenses, net114 158 
Equity in earnings of associated companies43 41 
Profit (Loss) before income tax644 2,299 
Income tax benefit(231)(426)
Net profit (loss) before non-controlling interest413 1,873 
Non-controlling interest in other subsidiaries(93)(185)
Net profit (loss) for the year320 1,688