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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended
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Dec. 31, 2023
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
Summary of 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, 2021 |  | 908,339 | ​ | 976,045 | ​ | 231,152 | ​ | 156,093 | ​ | 2,271,629
Equity in earnings | ​ | 279,948 | ​ | 268,291 | ​ | 28,831 | ​ | (13,912) | ​ | 563,158
Cumulative Translation Adjustment |  | 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
Cumulative Translation Adjustment |  | (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
Equity in earnings | ​ | 591,354 | ​ | 230,176 | ​ | 10,582 | ​ | (4,506) | ​ | 827,606
Cumulative Translation Adjustment |  | 142,830 | ​ | 17,060 | ​ | 1,127 | ​ | 15,197 | ​ | 176,214
Capital increase* |  | — | ​ | — | ​ | — | ​ | 524,185 | ​ | 524,185
Conversion of intercompany loan into equity interest | ​ | — | ​ | — | ​ | — | ​ | 141,070 | ​ | 141,070
Negative goodwill in acquisition of equity interest | ​ | — | ​ | — | ​ | — | ​ | 11,195 | ​ | 11,195
Presentation as Assets held for sale | ​ | — | ​ | (1,210,041) | ​ | — | ​ | — | ​ | (1,210,041)
Shares repurchase | ​ | — | ​ | (47,006) | ​ | — | ​ | — | ​ | (47,006)
Dividends/Interest on equity | ​ | (396,015) | ​ | (50,959) | ​ | — | ​ | (14,318) | ​ | (461,292)
Balance as of December 31, 2023 | ​ | 2,766,406 | ​ | — | ​ | 268,522 | ​ | 823,521 | ​ | 3,858,449
* The capital increase in associate and joint venures refers to the companies Ubiratã Tecnologia S.A. in the amount of R$9,375, Addiante S.A. in the amount of R$90,000, Newave Energia S.A. in the amount of R$388,157 and Brasil ao Cubo S.A. in the amount of R$36,653.

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