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OTHER LIABILITIES - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of other liabilities [Abstract]  
Schedule of Other Non-Current Liabilities
As of December 31,
20242023
(i) Other liabilities - Non current
Post-employment benefits573,834 673,453 
Other employee benefits73,502 93,194 
Asset retirement obligation (note 19) (1)80,543 104,455 
Put option liability (note 3 (e))— 249,264 
Other38,082 28,632 
Other liabilities – Non-current765,961 1,148,998 
The carrying value of these liabilities approximates the fair value.
(1) The asset in connection with this liability is included in Property, plant and equipment.
Schedule of Other Liabilities Recognized in Statement of Financial Position
The amounts recognized in the consolidated statement of financial position are determined as follows:
Post-employment benefits
As of December 31,
20242023
Present value of obligations1,456,677 1,975,462 
Fair value of plan assets(1,032,356)(1,525,330)
Asset ceiling149,513 223,321 
Net liability (asset) in the statement of financial position573,834 673,453 
Changes in the liability recognized in the consolidated statement of financial position are as follows:
Post-employment benefits
As of December 31,
20242023
At the beginning of the year1,975,462 405,018 
Acquisition of business (note 3)— 1,529,949 
Transfers, new participants and funding of the plan157 30,116 
Total expense166,827 79,396 
Remeasurements(136,137)62,302 
Translation differences(399,929)40,168 
Contributions paid(149,703)(171,487)
At the end of the year1,456,677 1,975,462 

Changes in fair value of the plan assets are as follows:
Fair value of plan assets
As of December 31,
20242023
At the beginning of the year1,525,330 — 
Acquisition of business (Note 3) (1)— 1,462,147 
Expected return on assets(177,519)42,882 
Interest income109,350 142,529 
Translation differences(330,283)(5,933)
Funding of the plan13,111 14,848 
Contributions paid(107,633)(131,143)
At the end of the year1,032,356 1,525,330 
(1) The asset ceiling at the acquisition date amounted to $169.7 million.
The major categories of plan assets are as follows:
Fair value of plan assets
As of December 31,
20242023
Usiminas shares29,305 64,819 
Non-US government securities716,909 1,054,671 
Fixed income81,821 99,602 
Investments funds202,987 241,481 
Others1,334 64,757 
At the end of the year1,032,356 1,525,330 
Schedule of Amounts Recognized in Income Statement
The amounts recognized in the consolidated income statement are as follows:
Post-employment benefits
Year ended December 31,
20242023
Current service cost17,260 14,876 
Interest cost (income), net40,217 30,686 
Interest on Asset ceiling/ Onerous liability16,678 20,973 
Reversal of prior service cost - Saúde Usiminas healthcare plan— (108,696)
Total included in income statement74,155 (42,161)

The amounts recognized in other comprehensive income are as follows:
Post-employment benefits
Year ended December 31,
20242023
Remeasurements
Effect of changes in demographic assumptions66,333 (31,024)
Effect of changes in financial assumptions(236,205)26,509 
Effect of experience adjustments33,735 66,817 
Change in asset ceiling(42,157)32,707 
Expected return on assets177,519 (42,882)
Total included in other comprehensive income(775)52,127 
Schedule of Principal Actuarial Assumptions
The principal actuarial assumptions used were as follows:
Year ended December 31,
Mexico20242023
Discount rate10.25%9.00%
Compensation growth rate
6.00% - 7.00%
6.00% - 7.00%
Year ended December 31,
Argentina20242023
Discount rate
6.00% - 7.00%
6.00% - 7.00%
Compensation growth rate
2.00% - 3.00%
2.00% - 3.00%
Year ended December 31,
Brazil20242023
Discount rate
7.46% -8.10%
5.23% - 5.40%
Compensation growth rate
0.50%- 2.90%
0.50% - 2.90%
Long-term increase in medical service costs4.75%4.75%
Expected return on plan assets
11.76% - 12.42%
9.28% - 9.46%
Schedule of Sensitivity of the Defined Benefit Obligation to Changes in the Weighted Principal Assumptions
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows:
Impact on defined benefit obligation
Change in assumptionIncrease in assumptionDecrease in assumption
Discount rate1.00%-6.9%7.9%
Compensation growth rate1.00%0.8%-0.7%
Pension growth rate1.00%-0.2%-0.8%
Life expectancy1 year1.0%-1.1%
Schedule of Other Current Liabilities
As of December 31,
20242023
(ii) Other liabilities - Current
Payroll and social security payable184,805 174,188 
VAT liabilities37,259 68,178 
Other tax liabilities60,373 70,815 
Termination benefits128 100 
Related Parties (Note 26)463 3,588 
Asset retirement obligation (Note 19)17,818 7,332 
Dividends payable1,967 51,249 
Put option liability (note 3 (e))263,201 — 
Others63,664 54,263 
Other liabilities – Current629,678 429,713