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GOODWILL
12 Months Ended
Dec. 31, 2023
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, 2021

 

22,421,588

 

(10,318,069)

 

12,103,519

(+/-) Foreign exchange effect

 

1,469,190

 

(595,284)

 

873,906

Results in operations with subsidiary and joint ventures (note 3.4)

(549,898)

(549,898)

Balance as of December 31, 2021

 

23,340,880

 

(10,913,353)

 

12,427,527

(+/-) Foreign exchange effect

 

(1,595,333)

 

802,270

 

(793,063)

Balance as of December 31, 2022

 

21,745,547

 

(10,111,083)

 

11,634,464

(+/-) Foreign exchange effect

 

(1,377,739)

 

568,423

 

(809,316)

Balance as of December 31, 2023

 

20,367,808

 

(9,542,660)

 

10,825,148

The amounts of goodwill by segment are as follows:

    

2023

    

2022

    

2021

Brazil

 

373,135

 

373,135

 

373,135

Special Steel

 

3,566,989

 

3,844,314

 

4,111,619

North America

 

6,885,024

 

7,417,015

 

7,942,773

 

10,825,148

 

11,634,464

 

12,427,527