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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2022
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | NOTE 9 — INVESTMENTS IN ASSOCIATES AND JOINT VENTURES ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investments | ​ | Investments | ​ | Investments | ​ | ​ | ​ | ​
​ | ​ | in North | ​ | in South | ​ | in Special | ​ | ​ | ​ | ​
​ |  | America |  | America |  | Steel |  | Others |  | Total
Balance as of Janurary 1, 2020 |  | 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
Equity in earnings | ​ | 884,437 | ​ | 277,108 | ​ | 9,243 | ​ | (18,961) | ​ | 1,151,827
Other comprehensive income |  | (76,795) | ​ | (127,099) | ​ | (414) | ​ | (1,284) | ​ | (205,592)
Capital increase |  | — | ​ | — | ​ | — | ​ | 35,001 | ​ | 35,001
Dividends/Interest on equity | ​ | (250,680) | ​ | (160,572) | ​ | (3,684) | ​ | (10,557) | ​ | (425,493)
Balance as of December 31, 2022 | ​ | 2,428,237 | ​ | 1,060,770 | ​ | 256,813 | ​ | 150,698 | ​ | 3,896,518
​

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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 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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