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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2018
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | NOTE 9 — INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|  | Investments in |  | Investments in |  | Investments in |  |  |  |
|  | North America |  | South America |  | Special Steel |  | Others |  | Total
Balance as of January 1, 2016 |  | 509,086 |  | 792,117 |  | — |  | 91,679 |  | 1,392,882
Equity in earnings |  | (70,618) |  | 40,067 |  | — |  | 17,780 |  | (12,771)
Cumulative Translation Adjustment |  | (126,660) |  | (124,185) |  | — |  | (350) |  | (251,195)
Effect of selling of subsidiary |  | — |  | (203,843) |  | — |  | (1,734) |  | (205,577)
Dividends/Interest on equity |  | (8,282) |  | (99,634) |  | — |  | (16,579) |  | (124,495)
Balance as of December 31, 2016 |  | 303,526 |  | 404,522 |  | — |  | 90,796 |  | 798,844
Equity in earnings |  | (111,581) |  | 41,553 |  | 15,460 |  | 19,971 |  | (34,597)
Cumulative Translation Adjustment |  | (10,485) |  | (6,260) |  | — |  | — |  | (16,745)
Capital increase |  | 178,670 |  | — |  | 184,187 |  | — |  | 362,857
Joint venture creation |  | — |  | 145,084 |  | — |  | — |  | 145,084
Contingent price complement |  | — |  | — |  | — |  | 65,500 |  | 65,500
Dividends/Interest on equity |  | (14,050) |  | — |  | — |  | (26,594) |  | (40,644)
Balance as of December 31, 2017 |  | 346,080 |  | 584,899 |  | 199,647 |  | 149,673 |  | 1,280,299
Equity in earnings |  | (77,909) |  | 51,648 |  | 15,629 |  | 20,773 |  | 10,141
Cumulative Translation Adjustment |  | 33,101 |  | 96,045 |  | (1,377) |  | (2,050) |  | 125,719
Capital increase |  | — |  | — |  | — |  | 7,000 |  | 7,000
Dividends/Interest on equity |  | — |  | (31,359) |  | — |  | (23,998) |  | (55,357)
Balance as of December 31, 2018 |  | 301,272 |  | 701,233 |  | 213,899 |  | 151,398 |  | 1,367,802
a)Advance for future investment in joint venture The Company made an advance for future investment in equity interest in the amount of R$ 375,456 in the joint venture Gerdau Corsa S.A.P.I. of C.V.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2018-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_10_e&doctype=Standard -URIDate 2018-03-16 + Details
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