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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2020
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 |  | Investments in |  |  |  |
|  | North America |  | South America |  | Special Steel |  | Brazil |  | Others |  | Total
Balance as of January 1, 2018 |  | 346,080 |  | 584,899 |  | 199,647 |  | - |  | 149,673 |  | 1,280,299
Equity in earnings |  | (77,909) |  | 51,648 |  | 15,629 |  | (1,700) |  | 22,473 |  | 10,141
Other comprehensive income |  | 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 |  | 3,250 |  | 148,148 |  | 1,367,802
Equity in earnings |  | (111,637) |  | 66,468 |  | 6,779 |  | (828) |  | 22,168 |  | (17,050)
Other comprehensive income |  | 28,182 |  | 21,282 |  | 3,523 |  | 2,051 |  | - |  | 55,038
Capital increase |  | 463,990 |  | - |  | - |  | 7,000 |  | - |  | 470,990
Capital reduction |  | - |  | (20,344) |  |  |  |  |  |  |  | (20,344)
Dividends/Interest on equity |  | - |  | (20,247) |  | - |  | - |  | (23,790) |  | (44,037)
Balance as of December 31, 2019 |  | 681,807 |  | 748,392 |  | 224,201 |  | 11,473 |  | 146,526 |  | 1,812,399
Equity in earnings |  | 23,494 |  | 99,913 |  | 8,900 |  | (1,288) |  | 21,550 |  | 152,569
Other comprehensive income |  | 165,479 |  | 195,286 |  | (1,949) |  | - |  | - |  | 358,816
Capital increase |  | 42,782 |  | - |  | - |  | - |  | - |  | 42,782
Dividends/Interest on equity |  | (5,223) |  | (67,546) |  | - |  | - |  | (22,168) |  | (94,937)
Balance as of December 31, 2020 |  | 908,339 |  | 976,045 |  | 231,152 |  | 10,185 |  | 145,908 |  | 2,271,629

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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 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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