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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2018

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

Summary of 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