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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2021
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, 2019 |  | 301,272 | ​ | 701,233 | ​ | 213,899 | ​ | ​ | 151,398 | ​ | 1,367,802
Equity in earnings | ​ | (111,637) | ​ | 66,468 | ​ | 6,779 | ​ | ​ | 21,340 | ​ | (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 | ​ | ​ | 157,999 | ​ | 1,812,399
Equity in earnings | ​ | 23,494 | ​ | 99,913 | ​ | 8,900 | ​ | ​ | 20,262 | ​ | 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 | ​ | ​ | 156,093 | ​ | 2,271,629
Equity in earnings | ​ | 279,948 | ​ | 268,291 | ​ | 28,831 | ​ | ​ | (13,912) | ​ | 563,158
Other comprehensive income |  | 173,934 | ​ | 52,278 | ​ | 710 | ​ | ​ | (1,415) | ​ | 225,507
Capital increase |  | — | ​ | — | ​ | — | ​ | ​ | 27,500 | ​ | 27,500
Capital decrease | ​ | — | ​ | (141,095) | ​ | — | ​ | ​ | — | ​ | (141,095)
Results in operations with subsidiary and joint ventures (note 3.4) | ​ | 511,514 | ​ | — | ​ | — | ​ | ​ | — | ​ | 511,514
Dividends/Interest on equity |  | (2,460) | ​ | (84,186) | ​ | (9,025) | ​ | ​ | (21,767) | ​ | (117,438)
Balance as of December 31, 2021 |  | 1,871,275 | ​ | 1,071,333 | ​ | 251,668 | ​ | ​ | 146,499 | ​ | 3,340,775
​

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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 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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