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SHORT-TERM DEBT AND LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2020
SHORT-TERM DEBT AND LONG-TERM DEBT |
SHORT-TERM DEBT AND LONG-TERM DEBT | NOTE 15 – SHORT-TERM DEBT AND LONG-TERM DEBT Short-term debt and long-term debt are as follows:
|  | Annual charges (*) |  | 2020 |  | 2019
Working capital |  | 3.44% |  | 1,178,557 |  | 107,312
Financing of property, plant and equipment and others |  | 3.27% |  | 333,797 |  | 843,099
Ten/Thirty Year Bonds |  | 5.41% |  | 13,100,580 |  | 12,188,412
Total Loans and Financing |  |  |  | 14,612,934 |  | 13,138,823
Current |  |  |  | 1,424,043 |  | 1,544,211
Non-current |  |  |  | 13,188,891 |  | 11,594,612
Principal amount of loans and Financing |  |  |  | 14,413,188 |  | 12,958,565
Interest accrued of loans and Financing |  |  |  | 199,746 |  | 180,258
Total |  |  |  | 14,612,934 |  | 13,138,823
(*)Weighted average effective interest costs on December 31, 2020, which represents total of 5.34%. Loans and financing denominated in Brazilian reais are indexed to fixed rates or CDI (Interbank Deposit Certificate). Summary of loans and financing by currency:
|  | 2020 |  | 2019
Brazilian Real (BRL) |  | 1,245,988 |  | 111,492
U.S. Dollar (USD) |  | 13,366,946 |  | 12,960,521
Other currencies |  | - |  | 66,810
|  | 14,612,934 |  | 13,138,823
The amortization schedules of long-term loans and financing are as follows:
|  | 2020 |  | 2019
2021 |  | - |  | 1,221,361
2022 |  | 5,210 |  | 105,137
2023 |  | 2,108,324 |  | 1,243,774
2024 |  | 1,813,225 |  | 1,531,163
2025 |  | 682,422 |  | 1,642,664
2026 on |  | 8,579,710 |  | 5,850,513
|  | 13,188,891 |  | 11,594,612
a) Credit Lines In October 2019, the Company completed the renewal of the Global Credit Line in the total amount of US$ 800 million (equivalent to R$ 4,157 million as of December 31, 2020). The transaction aims to provide liquidity to subsidiaries in North America and Latin America, including Brazil. The companies Gerdau S.A., Gerdau Açominas S.A. and Gerdau Aços Longos S.A. provide guarantee for this transaction, which matures in October 2024. As of December 31, 2020, the outstanding balance of this credit facility was US$ 40 million (equivalent to R$ 207 million as of December 31, 2020). b) Main funding in 2020 During the 4 th quarter of 2020, the subsidiaries Gerdau Aços Longos and Gerdau Açominas obtained long-term working capital loans in BRL from top-tier institutions. The proceeds were used to settle the bond repurchase offer, which totaled principal amount of US$ 300 million. As of December 31, 2020, the outstanding balance related to these bilateral operations is R$ 1,175 million.

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