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GOODWILL
 12 Months Ended
Dec. 31, 2020
GOODWILL  
GOODWILL

NOTE 11 — GOODWILL

The changes in goodwill are as follows:

 

 

 

 

 

 

 

 

 

    

 

    

Accumulated

    

Goodwill after

 

 

Goodwill

 

impairment losses

 

Impairment losses

Balance as of January 1, 2018

 

14,500,381

 

(6,609,239)

 

7,891,142

(+/-) Foreign exchange effect

 

2,283,577

 

(1,062,329)

 

1,221,248

Balance as of December 31, 2018

 

16,783,958

 

(7,671,568)

 

9,112,390

(+/-) Foreign exchange effect

 

661,247

 
(304,326)

 

356,921

Balance as of December 31, 2019

 

17,445,205

 
(7,975,894)

 

9,469,311

(+/-) Foreign exchange effect

 

4,976,383

 
(2,342,175)

 

2,634,208

Balance as of December 31, 2020

 

22,421,588

 
(10,318,069)

 

12,103,519

 

The amounts of goodwill by segment are as follows:

 

 

 

 

 

 

 

 

 

    

2020

    

2019

    

2018

Brazil

 

373,135

 

373,135

 

373,135

Special Steel

 

3,828,841

 

2,969,752

 

2,854,888

North America

 

7,901,543

 

6,126,424

 

5,884,367

 

 

12,103,519

 

9,469,311

 

9,112,390